Mr Aatif Malik AFA MIPA

Mr Aatif Malik AFA MIPA
Birmingham, UK

Complaint

The IFA complaint was that Mr Malik, as director and sole person of significant control of Financials Direct Ltd, failed to have in place client risk assessments for all clients, and failed to provide evidence of client risk assessments for all clients by the agreed deadline, in breach of MLR 2017 Regulation 27 – 28 and 66. In addition, he failed to respond on a timely basis and/or cooperate promptly and effectively with the Institute.

Finding

The Regulatory Committee found that there was a prima facie case to answer that rendered Mr Malik liable to disciplinary action under IFA Bye-law 11.2 (c) and (d).

Consent Order

Severe reprimand, costs of £1270 and an order that a monitoring review of the firm be conducted at the firm's expense.