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FSA cancels permissions of Hertfordshire-based brokerage

The FSA has has removed the permissions of a Hertfordshire-based mortgage brokerage for failing to meet regulatory requirements and not co-operating with the regualtor.

FSA Letters 480

Euro Mortgages Limited failed to submit its retail mediation activities return, which is information and data the FSA requires all firms to submit, for the period ending 30 April.

In a decision notice published earlier this week, the FSA said Euro Mortgages had not bee co-operative when dealing with the regulator and had failed to respond to repeated requests to submit the RMAR, thereby failing principle 11 of the FSA’s principles of business – that it is “ready, willing and organised to comply with the requirements and standards under the regulatory system”.

The regulator says: “These failures, which are significant in the context of Euro Mortgages Limited’s suitability, lead the FSA to conclude that Euro Mortgages Limited is not conducting its business soundly and prudently and in compliance with proper standards, that it is not a fit and proper person, and that it is therefore failing to satisfy the threshold conditions in relation to the regulated activities for which it has had part IV permission.”

The brokerage has not referred the matter to the Upper Tribunal.

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Comments
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  • Adrian Tanner 16th December 2012 at 3:31 pm

    It rather sounds as though this firm has just given up like so many other brokers. Take away their permissions by all means but why make a song and dance about it. No permissions, no trading. Probably the intention anyway

  • Maurice 14th December 2012 at 5:01 pm

    You have to realise that the US is carrying out a certain amount of econonic warfare in fining UK Banks. Having worked for many of them I know that they have very tight controls but unfortunately some do pass through in relation to Countries the USA doesn’t like. You will note the USA doesn’t find Banks in the Gulf states, otherwise that would seriously disadvantage the US military! Go to Dubai and you will see the boats going back and forth to Iran with goods. British Banks make an easy target and it helps to improve NY as a financial base

  • Rob Barwell 14th December 2012 at 4:49 pm

    What the hell is going on here, Barclays found guilty of fraudulently manipulating LIBOR, HSBC money laundering bucket loads of cash. A bloke in Hertfordshire fails to cooperate proactivley with regulator. Who gets struck off? the little bloke in Hertfordshire, the Bankers get a fine that they will no doubt pass on to the long suffering customers, no directors of these banks get anything more than a slap on the wrist….Come on FSA, you are just weak bullies. Get with the programme, if we did what some of these bankers have done we would be eating porridge for years to come.

  • Phil 14th December 2012 at 3:55 pm

    is it not shown on the FSA register Rob?

  • Rob Derry (Brunel Mortgages & Loans) 14th December 2012 at 3:43 pm

    Please, please, please can the FSA start releasing the banned firm’s FSA number in their press release?
    We are a packager so we like to check to see if we have that firm on our database and record their banning appropriately. An FSA registration number would make things so much easier.
    Thank you.

  • ajk 14th December 2012 at 11:26 am

    fair enough- but HSBC fell foul of FSA Principles of Business Rule 3 -Management and Control- £billions laundered across the globe and were handed a small fine!Why not take their permissions away

  • Jimmy Nigbuts 14th December 2012 at 11:07 am

    How is this breaking news when the release came out on Monday!?