FSA had banned Asgar Ali Ravjani, trading as Astrad Finance, when it found out he had failed to tell it he was made bankrupt some years before applying for FSA authorisation. Mr Ravjani said he had recalled the bankruptcy, but thought it ceased to be relevant after some time, so had not disclosed it. FSMT dismissed Mr Ravjani’s application asking that FSA should have suspended the effect of the Supervisory Notice. It also agreed FSA had been right to remove his permission with immediate effect.