FSA cancels mortgage broker's permission over RMAR
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The Financial Services Authority has cancelled the permission of Total Independent Mortgages Limited, for failing to submit its Retail Mediation Activities Return.
Cheshire based Total Independent Mortgages Limited has had its Part IV permission cancelled.
In the FSA’s final notice, John Kirby, a member of the FSA’s enforcement and financial crime division, says: “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.”
He says these failures have led the FSA to conclude that the business is not being conducted soundly and prudently.
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Readers' comments (11)
Anonymous | 23 Aug 2011 12:43 pm
Why do we need to know this? What concern is it to other firms how they conduct business? Why not post a picture of the partners on the FSA website too?? "John Kirby, a member of the FSA’s enforcement and financial crime division" Crime? What crime? Could it be they are like many other small firms, struggling with all the pathetic red tape issued by the FSA.
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hugh jeego | 23 Aug 2011 12:50 pm
Obviously all the FSA publicity department are on holiday currently so very little to report.This bloke has obviously had enough of providing these parasites with fees or feedback any more. He`s better off out of it, it`s only going to get worse.
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Maurice Edgington | 23 Aug 2011 12:56 pm
For small firms such as Total Independent Mortgages Limited and the like perhaps a less detailed submission of activities would be more appropriate like number of mortgages completed in the 6 month period and how much commission & fees that generated plus a simple costs brakdown to show profit or loss. For brokers with very low turnover now, not holding client money and not giving advice the RMAR is somewhat over weight. There is virtually no risk to customers. So perhaps the FCA may review this on the basis of reducing the numbers of staff required to manage minute risk firms as part of the need to slim down costs.
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Anonymous | 23 Aug 2011 1:14 pm
Maybe the company was too embarrassed to report an insignificant volume of business conducted due to factors beyond its control.Red tape being high on the list.
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roger | 23 Aug 2011 1:57 pm
I agree with all the comments here especialy Maurice who has been very constructive . The problem is that the FSA is so inward facing, it does not represent the views of the public who want mortgages that the FSA are strangling. The biggest problem is that the people who work for these quangos are so self important that all they care about is prolonging the flow of funds to feather their nests and pensions. Unless they can think of more rules they become redundant and they know it. The government are the final culprits in the chain for letting the very expensive tail wag the dog.
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Anonymous | 23 Aug 2011 4:59 pm
Its good to see the FSA are on the ball once again. Its good to see the FSA pay their staff thousands of pounds a year todo such valuable work! NOT
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Chris Hulme | 24 Aug 2011 1:22 pm
For once, I agree with the FSA. On this one they have cancelled permissions on what looks to be a minor infringement but I suspect there is more to this than meets the eye.
I suppose an analagy is that it could be like the police knowing who the major drug dealers are but catching them on a traffic offence....
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Anonymous | 24 Aug 2011 5:07 pm
"This is because you have failed to comply with the regulatory requirement to submit your Retail Mediation Activities Return for the period ended 31 December 2010"
I'm sure this broker had several chances (and, of course, nearly 8 months after it was due) to submit the return, so I really don't know what all the fuss is about.
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bobby | 25 Aug 2011 1:40 pm
Only 8000 of us left now FSA. Your work is almost done.
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seagull | 25 Aug 2011 3:05 pm
Once again, as 24th August comments say, this does appear to be Broker at fault. Wonder why so many comments suggest the FSA is at fault? Answer, because over an extremely long period of years they have failed to act with any integrity, foresight or humility. Why has a Regulatory body behaved so abominably that even when it is right in it's actions nobody trusts it's intentions? Answer, because successive Governments that are supposed to regulate the regulators have failed to act with any integrity, foresight or humility to the extent that they have behaved so abominably that even when they get things right nobody trusts their intentions?
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