FSA had refused an application from Barket Financial Management Ltd and Bashir Ahmed as holder of controlled functions. It said Mr Ahmed was not fit and proper and so neither was the firm as he was its only properly experienced director. FSA felt the firm should have disclosed various incidents that happened before it applied for authorisation and while it was on a panel for an authorised firm from which it was eventually dismissed. FSMT felt it was reasonable for the applicant not to have disclosed these matters to FSA or the consultant helping it with its application.

(Source: (1) Barket Financial Management Ltd, (2) Mr Bahir Ahmed and Financial Services Authority)