A broker who was banned from trading after being found to have sold policies which were not underwritten, is to cease trading.

M Young Legal Associates (MYLA), run by Mr Young, otherwise known as Mohammed Younas Yousaf, has had an order from the High Court to wind up his business three months after a ruling from the Financial Services Authority (FSA) banned him from selling any regulated products.

Mr Young, whose business is based in Manchester, received the wind-up order as result of a firm of solicitors successfully petitioning the High Court in a dispute over around £12,000 worth of unpaid invoices.

MYLA had left customers uninsured, exposing them to "significant risks" and "potential hardship".

Mr Young, according to the Manchester Evening News newspaper, said at the time he was banned by the FSA: "We have not been closed down, we are still in business.

"There are these cases in the High Court, but they are just normal commercial disputes and have nothing to do with this."

The FSA, which has in the past been criticised for not having any regulatory clout, seems to, at last be flexing its muscles.

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