Two insurance brokers have been banned for attempting to cover up a criminal record for fraud. Brothers Faraz Ahmed Siddique and Waqas Ahmed Siddique were found to have worked to coverup Waqas’s conviction for fraud. AdvertisementHe was charged with conspiracy to defraud in March 2007, and applied for FSAapproval one month later to perform controlled functions at Aston Sterling Insurance Services. Waqas failed to declare he was currently subject to criminal proceedings, and was forced to resign in June 2008 following a conviction. His brother Faraz then failed to inform the FSA his brother had resigned due to a criminal conviction.

Margaret Cole, FSA director of enforcement and financial crime, says: “Aston Sterling was only able to operate as an insurance intermediary because the Siddique brothers lied to the FSA. With invaluable assistance from the Metropolitan Police and the Prison Service, we established the full extent of the brothers’ concealment of material information that should have been disclosed to the FSA.

“We have made examples of Waqas and Faraz Siddique to send a warning to firms and individuals: do not lie to the FSA.” The FSA says it has similar cases to follow in the coming months, to demonstrate the importance of proper disclosure of information. Read more

http://www.ifaonline.co.uk/ifaonline/news/1564242/brokers-banned-criminal-conviction-cover
http://www.insurancetimes.co.uk/story.asp?sectioncode=13&storycode=381684&c=2