FSA cancels mortgage broker’s permission
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The Financial Services Authority has cancelled the permission of Julian Paul Cheetham, trading as one-mortgage.net in Derbyshire.
This is because he has failed to pay fees and levies of £1,137.17 owed to the FSA, despite repeated FSA requests that he do so.
In its final notice to Cheetham, the FSA, says: “This failing, which is significant in the context of Julian Cheetham’s suitability, leads the FSA to conclude that he is not conducting his business soundly and prudently and in compliance with proper standards and that he is not a fit and proper person, and that he is therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which he has had Part IV permission.”
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Readers' comments (13)
Tim | 3 Jun 2011 9:07 am
This guy's clearly just made his own decision to leave the industry and not pay another year's FSA fees. Can't see the point of the FSA'a statement: "not a fit & proper person"! What a load of tosh!
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Anonymous | 3 Jun 2011 9:59 am
To name and shame & draw up their own conclusion, how despicable is that?
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Anonymous | 3 Jun 2011 10:02 am
Typcial FSA statment. More interested in cancelling the guys permission rather than finding a solution to the problem so he can carry on servicing his clients. As for saying that he is not fit and proper, it is a disgrace to say that. The only thing that is not fit and proper about this industry the the FSA who are not interested in client service but only their own self importance! If the FSA are so good at their job, why do they need to be immune from any legal action!
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Anonymous | 3 Jun 2011 10:13 am
A classic case of 'Pot and Kettle calling' by the children at Canary Wharf, I'd say....
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gerry roberts | 3 Jun 2011 10:31 am
This bloke shouldsee a good lawyer. The statement is clearly untrue. If not making enough money in one of the worst worldwide financial reccessions in our history being u8nable to meet his financial commitments makes him "a not fit and proper person" what does that make the Bank directors et al? why have they been barred from carrying regulated activities. Does my memeory serve me right is saying the FSA had to be bailed out at one point. Anyway, insted of your sideline sniping why don`t you peole in the industry set up a finding fund or something and use this as a test case? truth is I don`t think any of you have got the bottle.
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Caroline | 3 Jun 2011 11:21 am
I completely agree with both of the above comments. However it would surely have been prudent to advise the FSA that he was leaving the industry, things would not then have gone this far. Its all about communication
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Compliance Man | 3 Jun 2011 11:48 am
If you want to give up your authorisation you have to inform the FSA in the proper manner. Ignoring requests for fees and failing to respond to correspondence is not a satisfactory way of dealing with matters.
Failure to de-authorise within the prescribed timetable means you are liable to pay the fees and levies.
Anyone who treats a professional body in this manner is likely to be deemed not fit for the future. The approach taken may be a good short term fix for the firm but it will have an impact on the ability to become an authorised person in the future.
The FSA have got this right.
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Roy | 3 Jun 2011 12:10 pm
Give yourself a pat on the back FSA even celebrate (because you can afford it).
He does sound like a bad one real BAD. You must feel so proud to take another broker out of the industry..... not many left now
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Luke Atkinson | 3 Jun 2011 3:13 pm
@ Compliance Man - FSA and professional body in the same statement?
oxymoron n. , pl. , -mora , or -rons. A figure of speech that combines contradictory terms.
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Anonymous | 6 Jun 2011 12:09 pm
You know - in fairness I'm the first to slag brokers off but even I've got to offer some solidarity on this one.
What a total joke - poor sod goes out of business and has comments like that made about him.......the world has gone crackers!
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