01 · In plain English
What happened.
The FCA fined and prohibited Sanjay Maraj on 25 August 2026 for breaches of APER and COCON in the wealth management/private banking sector — the regulator found he failed to act with integrity, was not open and co‑operative, and was involved in conduct amounting to financial crime and a lack of fitness and propriety. The action arose from a scheme run at Dolfin Financial that between 2016 and 2019 helped clients bypass the UK investor‑visa rules; the FCA says Mr Maraj managed the financial aspects of the scheme. He agreed to settle and received a 30% discount on the penalty. The FCA also banned two other former Dolfin executives; one has referred his decision to the Upper Tribunal.
Summarised from the FCA's notice and press reports. The FCA's own text and documents below are the authoritative record.
02 · Enforcement details
What the FCA published.
On 25 August 2026, the Financial Conduct Authority fined Sanjay Maraj £122,000. This Final Notice refers to breaches of APER and COCON related to failing to act with integrity, failing to be open and co-operative, financial crime and lack of fitness/propriety in the wealth management and private banking sector. We imposed a financial penalty and a prohibition. Source: the FCA's published list of 2026 fines.
03 · Press coverage
How it was reported.
- FCA Bans Dolfin Executives for Gaming UK Golden Visa RouteBloomberg · 26 Aug 2026
- FCA fines and bans Dolfin executives over visa schemeMoney Marketing · 26 Aug 2026
- FCA bans trio behind £35.5m scheme designed to bypass visa rulesFinancial Conduct Authority · 25 Aug 2026
These links go to other sites. Some may need a subscription.
Track FCA enforcement
Watch the firms and people you work with on Firmwatcher.
Add any firm or individual on the FCA register to your watchlist and get an email when a new requirement, disciplinary action or change of role is recorded.