The Financial Conduct Authority (FCA) has banned and issued its largest ever fine of nearly £1m on a retail sole trader for sale and rent back failings.
Sole trader Gurpreet Singh Chadda has been fined £945,277 and banned from working in the financial services industry. The FCA has found him guilty of significant failings when conducting sale and rent back agreements. Birmingham-based Chadda was based in Birmingham, trading under the names Red2Black Homes and B&L Homes. The FCA investigated his involvement in seven sale and rent back transactions between June 2009 and January 2010 and found serious failings in all of them. More to follow.
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