The FSA has banned Faraz Ahmed Siddique and Waqas Ahmed Siddique on the basis that they were not fit and proper persons in terms of honesty and integrity and that therefore their approval to perform controlled functions at Aston Sterling Insurance be withdrawn. When applying for approval, Waqas Siddique signed a declaration falsely stating that he had not been subject to any criminal proceedings, when in fact proceedings had been issued against him. In addition, his brother, Faraz Siddique later failed to disclose to the FSA that Waqas Siddique had subsequently been convicted of conspiracy to defraud and imprisoned when applying to the FSA to take over the controlled functions. The FSA has also cancelled the permission of Aston Sterling Insurance.