In a Final Notice issued on 19 June 2013, the FCA imposed a fine of £945,277 on sale and rent back arranger, Gurpreet Singh Chadda, and banned him from working in the financial services industry for various failings and breaches of Statement of Principle 1, including making misleading statements to customers for personal gain and creating false and misleading customer documentation. Mr Chadda’s fine is the largest ever imposed on a retail sole trader.