FSA revokes regulatory permission for two brokers

In two separate actions, the FSA issued a final notice to each of the providers on 27 September advising it had cancelled the permission, following a decision notice issued the previous month.

In the final notice to each of the two companies, the FSA said it was “not satisfied that you are a fit and proper person having regard to all the circumstances, including the need to ensure that your business is conducted soundly and prudently” after failing to submit its Retail Mediation Activities Return (RMAR) for the period ended 31 January 2010.

It added: “You have not been open and co-operative in all your dealings with the FSA, in that you have failed to respond to the FSA's repeated requests for you to submit the RMAR, and have thereby failed to comply with Principle 11 of the FSA's Principles for Businesses and to satisfy the FSA that you are ready, willing and organised to comply with the requirements and standards under the regulatory system.

“These failures, which are significant in the context of your suitability, lead the FSA to conclude that you are not conducting your business soundly and prudently and in compliance with proper standards, that you are not a fit and proper person, and that you are therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which you have Part IV permission.”