FSA cancels two firms’ permissions over RMAR
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The Financial Services Authority has cancelled the permissions of two mortgage firms for failing to submit their Retail Mediation Activities Return.
Kent based firm ABL Mortgage Services has had its permissions cancelled, along with Swansea based Associated Independent Mortgages.
The FSA has cancelled the Part IV permissions of both firms.
In its final notice to Associated Independent Mortgages, the FSA, says: “It appears to the FSA that you are failing to satisfy the threshold conditions set out in Schedule 6 to the Act - the Threshold Conditions - in that the FSA is 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.
“This is because you have failed to comply with the regulatory requirement to submit your Retail Mediation Activities Return for the period ended March 31 2010.
“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.”
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