FSA cancels ex-Coversure franchisee's permissions

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The FSA stated that it had cancelled Mr Lung's Part IV permission due to his failing to satisfy certain threshold conditions.

It also noted that Mr Lung "had not conducted his business soundly and prudently and in compliance with proper standards and that he is not a fit and proper person".

According to the regulator Mr Lung failed to notify it of his cessation of regulated business or his change of contact details, and failed to apply to cancel his permission despite requests that he did so.

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