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.

Following Russell Phillips’ conviction in 2004 and before his association with JST, Mr 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.

JST's association with such an individual, the tribunal concluded, showed a reckless disregard for the protection of consumers and therefore JST was not fit to hold a consumer credit licence. David Fisher, OFT Director of Consumer Credit, said: 'The OFT welcomes the tribunal's judgment to dismiss JST's appeal and uphold our decision to revoke its licence. 'The tribunal found that the connection to this individual is a matter that is highly relevant to JST's fitness to hold a licence. The OFT will not tolerate activities which.....Read more on this story----> OFT welcomes tribunal decision on JST Financial Solutions - The Office of Fair Trading