FCA issues prohibition order against Dharmendra Devji Solanki

The UK Financial Conduct Authority has issued a prohibition order against Dharmendra Devji Solanki, barring him from performing any function in relation to regulated activities carried on by an authorised person, exempt person or exempt professional firm under section 56 of the Financial Services and Markets Act 2000. 

Solanki was previously approved to perform the SMF17 senior management function as a Money Laundering and Reporting Officer at several authorised firms between March 2018 and July 2022, and has held no FCA-approved roles since July 2022. On 11 October 2023, he pleaded guilty at the Central London Magistrates Court to two offences: carrying on a regulated activity without authorisation, and money laundering under the Proceeds of Crime Act 2002, both committed between November 2018 and May 2022 while he was an approved person. 

On 27 June 2025, the Inner London Crown Court sentenced him to two years’ imprisonment, suspended for 24 months, and ordered him to complete five days of community work and 120 hours of unpaid work. A confiscation hearing on 11 March 2026 required Solanki to pay £169,941.89 within three months or face an additional three years in prison. The FCA determined that Solanki is not a fit and proper person due to his conviction, citing a clear and serious lack of integrity demonstrated by his offences. The regulator considered the relevance and materiality of the offences and the risk posed to consumers and confidence in the UK financial system, stating the action advances its consumer protection and integrity objectives. The prohibition order took effect on 24 July 2026.