FSA revokes another broker's permissions for unpaid fees
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The Financial Services Authority has cancelled the permissions of Essex based broker Adam John Lucas, for failing to pay regulatory fees of £1,349.41.
Lucas, trading as People Loans in Frinton-on-Sea was issued with a final notice from the FSA on March 8, following a decision notice on February 2.
Lucas did not transfer the matter to the Financial Services and Markets Tribunal within 28 days of the decision notice being sent, resulting in his permissions being cancelled.
In the final notice issued to Lucas, John Kirkby, from the FSA enforcement division, says: “This failing, which is significant in the context of your suitability, leads the FSA to conclude that you are not conducting your business soundly and prudently and in compliance with proper standards and 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 a Part IV permission.”
