FSA bans London broker for being unfit to run a firm
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The Financial Services Authority has removed the approval of London-based mortgage broker Olayinka Oladipupo for not being a fit and proper person to run an authorised firm.
The permission of Trinity Network Services, of which Oladipupo was principal and controller, has also been cancelled.
In November and December 2008 during an FSA investigation into his conduct Oladipupo failed to attend a compulsory interview and provide the FSA with requested documents and information.
As a result of his failure to deal with the FSA in an open and co-operative way the regulator deemed that Oladipupo was not fit and proper to hold a regulated position and therefore removed his approval.
The FSA also cancelled Trinity’s permission for not having comp-etent and prudent management in place as a result of Oladipupo’s approval being withdrawn, for having an unfit controller and for failing to maintain an open relationship with the regulator.
Tom Spender, head of retail enforcement at the FSA, says: “Approved persons must deal with us in an open and cooperative way. Failure to comply with a request for information or attend an interview is unacceptable, especially when we are looking into issues of potential concern.”
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