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Brokers lose FSA permissions for not filing returns

The Financial Services Authority has cancelled the permissions of London-based insurance broker Prime Choice Mortgages.

The firm failed to submit its Retail Mediation Activities Return for the period ending October 31,2011.

The FSA claimed the firm had not been open and co-operative with it and failed to respond to its requests for information.

The broker was given a decision notice on April 25 and given 28 days to refer the matter to the Upper Tribunal.

It did not refer the issue and subsequently the FSA cancelled the company’s permissions on May 31.

The FSA’s final notice states: “Prime Choice Mortgages is not conducting its business soundly and prudently and in compliance with proper standards, it is not a fit and proper person, and it is therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which it has had Part IV permission.”

Bridgend-based broker Mortgages UK 1970 lost its permissions for the same reason on May 10. And on the same day, Paulo Monteiro, trading as estate agent Bunn & Co, also saw his permission cancelled for not submitting his RMAR.

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