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The FCA has decided to ban 3 former senior figures at Dolfin Financial (UK) Limited (Dolfin) after finding they ran a scheme that helped clients bypass UK visa rules.
fit and proper to work in financial services. Dolfin entered special administration in June 2021, and the insolvency processes remain ongoing.The Home Office closed the Tier 1 investor visa route of entry to the UK from 17 February 2022.The Home Office has acted against many of the clients that used the scheme by refusing their applications for leave to remain and indefinite leave to remain in the UK.
Former chief executive Denisz Nagy has been fined £324,800 and former finance director Sanjay Maraj £122,000 for their roles in the scheme. Both have been banned from working in financial services. The FCA has also decided to ban Dolfin co-founder, Roman Joukovski, from working in financial services. Between 2016 and 2019, most clients using the scheme paid a fee of £400,000 instead of investing £2m of their own money in UK companies, as required
