The Financial Conduct Authority has taken a decisive step against Murtaza Ashraf, a former financial adviser from St James’s Place and Tenet.
- Ashraf’s firm, AWML, sought regulatory permissions for various financial advisory activities in April 2022.
- The FCA issued a decision notice in March 2023, rejecting AWML’s application due to concerns over their compliance capabilities.
- Activities under scrutiny included investment advice, pension transfer guidance, and debt counselling.
- The refusal reflects the FCA’s dedication to maintaining stringent regulatory standards in financial advisory practices.
The Financial Conduct Authority (FCA) has initiated regulatory actions, denying Murtaza Ashraf, a former adviser associated with St James’s Place and Tenet, permission to engage in regulated financial activities. This decision emerged after Ashraf Wealth Management Limited (AWML) applied for Part 4A permissions in April 2022, encompassing a wide scope of financial services proposals.
AWML’s application sought permissions to perform a range of activities including advising on investments, providing counsel on pension transfers, making investment arrangements, and offering debt-counselling services. Despite the comprehensive nature of this application, the FCA identified critical shortcomings in AWML’s internal controls and organisational capabilities, ultimately issuing a decision notice on 14 March 2023.
The FCA’s decision highlights persistent regulatory adherence issues within AWML, as the organisation failed to satisfy the FCA’s stringent criteria. These criteria are crucial to ensure that financial advisory firms operate with utmost integrity and competence. The FCA’s refusal of AWML’s application underscores its commitment to safeguarding the financial interests of consumers by vetting advisory services thoroughly before granting permissions.
The denial not only impacts Ashraf but also serves as a broader warning to financial advisory businesses about the importance of robust and effective operational frameworks. This case exemplifies the FCA’s resolve to uphold the highest regulatory standards, ensuring that only qualified firms operate within the UK’s financial services sector.
The FCA’s decision serves as a vital reminder of the importance of strict regulatory compliance in financial services.
