The UK Financial Conduct Authority (FCA) has issued a prohibition order against Dharmendra Devji Solanki.

The FCA has decided to make an order prohibiting Mr Solanki from performing any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm, pursuant to section 56 of the Act.

Mr Solanki was approved by the Authority to perform the SMF17 (Money Laundering and Reporting Officer) senior management function at a number of authorised firms during the period 6 March 2018 to 15 July 2022. Since 15 July 2022, he has not held any roles requiring approval by the Authority.

On 11 October 2023, at the Central London Magistrates Court, Mr Solanki pleaded guilty to two offences: (i) carrying on a regulated activity when not an authorised/exempt person contrary to s23(1) of the Act, and (ii) concealing, disguising, converting, transferring or removing criminal property (‘money laundering’) contrary to s327(1) of the Proceeds of Crime Act 2002 (“POCA”), both of which were committed during the period 16 November 2018 to 18 May 2022, when he was an approved person.

On 27 June 2025, at the Inner London Crown Court, Mr Solanki was sentenced to 2 years’ imprisonment suspended for 24 months and required to carry out 5 days of community work as well as 120 hours of unpaid work.

On 11 March 2026, a confiscation hearing took place at the Inner London Crown Court where Mr Solanki was ordered to pay £169,941.89 within 3 months or face a further 3 years’ imprisonment.

The Authority has found that Mr Solanki is not a fit and proper person to perform any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm due to his conviction. Mr Solanki’s offences of carrying on a regulated activity when not an authorised/exempt person and money laundering, committed at a time when he was an approved person, demonstrate a clear and serious lack of integrity such that he is not fit and proper to perform regulated activities.

In concluding that it is appropriate to impose the prohibition order, the Authority has had regard to all relevant circumstances, including the relevance and materiality of the offence, and the severity of the risk posed by Mr Solanki to consumers and to confidence in the UK financial system.

The FCA said that it is appropriate to take this action to advance its consumer protection and integrity objectives.

The prohibition order took effect on July 24, 2026.