Broker's permissions revoked for unpaid fees
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The Financial Services Authority has cancelled the permissions of a Middlesex-based mortgage broker because of a failure to pay regulatory fees of £1,042.
The regulator issued Oke Hassan, based in Isleworth, Middlesex, with a final notice cancelling the broker’s Part IV regulatory permissions on March 4 following a warning notice sent on December 15 2009.
The FSA says that his failure to pay the fees despite repeated requests from the regulator meant that Hassan did not satisfy the regulator’s threshold conditions.
In the final notice issued to Hassan 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.”
Readers' comments (6)
Anonymous | 5 Mar 2010 1:24 pm
The FSA has never conducted its business in a "sound & prudent manner to proper standards" as we found from the banking crisis and all they have to do, is when they get short of cash, is to put up their fees.
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Leo | 5 Mar 2010 1:55 pm
This is very worrying. His permission is not cancelled but ot be cancelled. But how does the media get his letter of notification. Did FSA leaked it? He must be one of many who gets regularly warned for being late. This letter would only have been between the FSA and the company.
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Compliance Factor | 5 Mar 2010 2:25 pm
Leo
The letter was published on the FSA website yesterday!!
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Robin Banks | 5 Mar 2010 3:37 pm
It's like one of those medieval warnings, you know where they used to put the severed heads of criminals on pikes outside London bridge so as to warn all others! Typical FSA don't comprehend that there is financial turmoil in the mortgage intermediary sector and the guy is obviously struggling! Insensitive in the least.....
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Leo | 5 Mar 2010 4:20 pm
Didn't know they started doing public humiliation. Pity they didn't warn me of directors of TMO running away with our proc fees or any of the other networks going under before hand.
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Salil Chaudhari | 7 Mar 2010 7:40 pm
Whilst the govenment is apparently doing everything possible to prevent borrowers struggling with their mortgage payments having their houses being repossessed, those pointing them in the right direction are being fired just because they are less than three months in arrears is beyond belief.By taking such stupid action their houses might be put at risk and create the very problems that the government is apparently trying to solve.
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