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OFT welcomes tribunal decision on JST Financial Solutions
A tribunal has upheld the OFT's decision to revoke the licence of JST Financial Solutions Limited (JST) because the company allowed a convicted fraudster to become involved in its business.
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Following his conviction in 2004 and before he worked for JST, Russell Phillips had served time in prison for the offence of conspiracy to defraud and giving false information to the OFT.
The First-tier tribunal found that Mr Phillips' association with JST was of a nature and extent that was relevant to the business' fitness to hold a consumer credit licence and that his previous conviction was therefore of direct relevance to the tribunal's decision.
The tribunal also found that JST's controllers appeared to have either concealed Mr Phillips' role in the running of the business or to have been indifferent to it.
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Following his conviction in 2004 and before he worked for JST, Russell Phillips had served time in prison for the offence of conspiracy to defraud and giving false information to the OFT.
The First-tier tribunal found that Mr Phillips' association with JST was of a nature and extent that was relevant to the business' fitness to hold a consumer credit licence and that his previous conviction was therefore of direct relevance to the tribunal's decision.
The tribunal also found that JST's controllers appeared to have either concealed Mr Phillips' role in the running of the business or to have been indifferent to it.
