Final Notice

On , the Financial Conduct Authority issued a Final Notice to Ashraf Wealth Management Ltd
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FINAL NOTICE

ACTION

1. By an application dated 20 April 2022 (“the Application”) Ashraf Wealth

Management Limited (“AWML”) applied under section 55A of the Financial Services

and Markets Act 2000 (“the Act”) for Part 4A permission to carry on the regulated

a) advising on investments (ex pension transfers/opt outs);

b) advising on pension transfers/opt outs (limited version);

c) making arrangements with a view to, and arranging deals in, investments;

d) debt-counselling; and

e) agreeing to carry on a regulated activity.

SUMMARY OF REASONS

2. On 14 March 2023, the Authority issued AWML with a Decision Notice (the “Decision

Notice”) which notified AWML that the Authority had decided to refuse the

Application on the basis that it was not satisfied that the Applicant, if authorised,

would satisfy and continue to satisfy the threshold conditions in section 55B(3) of

the Act. The Authority took that decision because it considered that it was not

appropriate for Mr Murtaza Imran Ashraf (“Mr Ashraf”) to carry on regulated

activities effectively unsupervised. The Decision Notice was founded on two

regulatory references from Mr Ashraf’s two previous principals. This was reinforced

by the competency interview with Mr Ashraf, from which the Authority formed the

view that Mr Ashraf did not appreciate the seriousness of the issues identified and

the potential for resulting consumer harm. The Decision Notice considered the

commonality in the issues raised about Mr Ashraf by the two principals and properly

considered, and responded to, representations made on behalf of the Applicant.

3. On 10 April 2023, AWML referred the Decision Notice to the Tribunal.

4. The written judgment of the Tribunal was released on 2 September 2024 (“the

Judgment”) and can be found on the Tribunal’s website:

tcc

5. The Tribunal dismissed AWML’s reference.

6. The Judgment sets out fully the Tribunal’s reasons and should therefore be read in

full. Those reasons are incorporated herein by reference.

7. The Tribunal found that a reference from HSBC from 2015 showed there had been

two justified complaints against Mr Ashraf relating to unsuitable or misleading

advice (paragraph 101).

8. In March 2015 Mr Ashraf was terminated by St James’s Place Wealth Management

plc (“SJP”). As reported by SJP to the Authority, Mr Ashraf had not completed client

reviews and suitability letters before proceeding to give advice. He had also not

been transparent. What not being transparent means here is that Mr Ashraf had,

as he admitted at the time, fabricated documents provided to SJP as part of their

internal investigation (paragraph 102).

9. Whilst at Tenet, Mr Ashraf’s defined benefit (DB) licence was withdrawn from him

because of the quality of his work (paragraph 104). At Tenet other concerns were

also identified in relation to Mr Ashraf which related to pension transfers, Mr

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Ashraf’s inconsistent charging policy and use of unapproved introducers (paragraph

10. The Tribunal decided that it could “see why the Authority might be concerned with

the idea of Mr Ashraf conducting regulated business effectively on his own and

unsupervised”. The Tribunal found that he has a history of not documenting advice

in the way required or following procedures established to secure good outcomes

for clients. He also has a history of giving advice of a doubtful quality. These

features of Mr Ashraf’s record would justify the Authority being concerned about

Threshold Condition 2E. The Tribunal decided that the evidence of Mr Ashraf’s lack

of transparency would justify the Authority being concerned about Threshold

Conditions 2D and 2E. In light of the above, the Authority has issued this Final

Notice confirming the refusal of the Application.

11. This Final Notice is given under section 390 of the Act.

12. Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of

information about the matter to which this Notice relates. Under those provisions,

the Authority must publish such information about the matter to which this Notice

relates as the Authority considers appropriate. The information may be published

in such manner as the Authority considers appropriate.

13. The Authority intends to publish such information about the matter to which the

Final Notice relates as it considers appropriate.

Authority contacts

14. For more information concerning this matter generally, contact Rachel West,

Authorisations Division at the Authority (email: Rachel.West@fca.org.uk).

Executive Decision Maker


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