The OFT took action after the Financial Services Authority rejected Mr Sodha's application for permission to carry out regulated activities.
The OFT considered that a history of consumer complaints, intransigence in the face of warning and disciplinary action, and a lack of respect for regulatory requirements raised risks which, in the OFT's view, made Mr Sodha unfit to hold a licence.
Mr Sodha appealed this decision but the Consumer Credit Appeals Tribunal confirmed the OFT's view and as a result Mr Sodha's application to renew his licence has been refused. The licence refusal also means that Mr Sodha's businesses, MNS Financial and MNS Consultancy, are no longer able to introduce consumers to lenders, or engage in any other licensable activity.
Trading without a licence is a criminal offence and could lead to prosecution.
Ray Watson, OFT Director of Consumer Credit, said:'There were large numbers of complaints against Mr Sodha and his failure to address regulators' concerns means that refusing him licence to trade is the best way to protect consumers.'
