"On the basis of Mr Badaloo’s criminal convictions, the Authority concludes that Mr Badaloo cannot be expected to act with probity."
The FCA has been able to cancel an adviser's permissions after he lost a year-long battle to appeal the decision.
The FCA sought to ban Anthony Badaloo, trading as Church Hill Finance, for repeatedly failing to comply with FCA requests to provide information and documents in relation to his business records and his creditor position.
The regulator said this made it impossible to assess whether Badaloo’s financial and non-financial resources were appropriate in relation to the regulated activities that he carried out.
Additionally, Badaloo was convicted of tresspassing and theft in 2015 for attempting to re-enter his office after it had been repossessed.
Badaloo referred the matter to the Tribunal in November 2016 which agreed with the FCA's decision and struck out the reference. He then applied to the Tribunal for permission to appeal the Tribunal’s decision.
On 8 May 2017, the Tribunal refused his application for permission to appeal, on the basis that "the arguments advanced in support of his appeal identified no arguable errors of law in the decision of the Tribunal".
On 10 May, Badaloo filed an application for permission to appeal to the Court of Appeal which was also refused on the basis that the application was “totally without merit”.
The Order provides that the Court of Appeal’s decision is final and cannot be further reviewed or appealed.
The FCA stated on Friday: “Mr Badaloo has failed to satisfy the Authority that he is ready, willing and organised to comply with the requirements and standards under the regulatory system.
“On the basis of Mr Badaloo’s criminal convictions, the Authority concludes that Mr Badaloo cannot be expected to act with probity.
“In light of these matters, the Authority is not satisfied that Mr Badaloo is a fit and proper person having regard to all the circumstances.”