FCA shuts down Dual Mortgage Brokers

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The Financial Conduct Authority has cancelled Dual Mortgage Brokers’ permissions.

The regulator said that Francis Birchall, who trades as Dual Mortgage Brokers, was not meeting its threshold conditions.

Birchall had not filed a regular Retail Mediation Activities Return to the regulator, according to an FCA statement.

The regulator said Wallesey-based Birchall had not run his firm in a ‘sound and prudent’ way.

The FCA said: “On the basis of the facts and matters and conclusions described in its warning notice issued to Mr Birchall dated 1 April 2016 and in the decision notice, it appears to the authority that Mr Birchall is failing to satisfy the threshold conditions, in that the authority is not satisfied that Mr Birchall is a fit and proper person having regard to all the circumstances, including whether Mr Birchall managed his business in such a way as to ensure that his affairs are conducted in a sound and prudent manner.”

The FCA added that Birchall was not a fit and proper person to carry out regulated activities.