View more on these topics

FSA cancels mortgage broker’s permission

The Financial Services Authority has cancelled the permission of Julian Paul Cheetham, trading as one-mortgage.net in Derbyshire.

This is because he has failed to pay fees and levies of £1,137.17 owed to the FSA, despite repeated FSA requests that he do so.

In its final notice to Cheetham, the FSA, says: “This failing, which is significant in the context of Julian Cheetham’s suitability, leads the FSA to conclude that he is not conducting his business soundly and prudently and in compliance with proper standards and that he is not a fit and proper person, and that he is therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which he has had Part IV permission.”

Recommended

2

Targeting talent

The industry needs to nurture the next generation of advisers and training schemes or apprenticeships could be the way forward

Yorkshire offers switch to fix deal at no extra cost

Yorkshire Building Society has launched two products that will allow customers to switch to a fixed rate mortgage deal at no extra cost. It is offering a 2.29% tracker deal with a £995 product fee and a 2.49% tracker with a £95 fee.

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments
  • Post a comment
  • penny 10th July 2011 at 3:05 pm

    If a mortgage introducer has personal debt problems can they still be fit and proper and allowed to trade?

  • Pro FSA 7th June 2011 at 8:22 am

    How can someone who can’t work out his own finances work in finance? Seems a perfectly rationale and appropriate approach for the FSA to take. If a client owed you £1k plus fees would you be taking the same sympathy approach?? Come on…..anything for you guys to have a pop at the FSA!!!

  • Gary Newson 6th June 2011 at 3:53 pm

    FSA mission statement? ‘- to drive every poor little mortgage broker into the ground’ oh and whilst we do that lets sully their name for good measure – time the FSA were wound up – they are a very expensive joke.

  • Ancient Wisdom...is a mortgage broker in N3 6th June 2011 at 2:21 pm

    I think MS should really focus on more relevant stories, rather than naming and shaming brokers who are really finding it tough going in the current market.

    We all have tough times, and Im sure the names of permissions withdrawn from brokers doesnt help them.

    I read better mortgage stories from the press these days than MS.

  • anonymous 6th June 2011 at 12:09 pm

    You know – in fairness I’m the first to slag brokers off but even I’ve got to offer some solidarity on this one.

    What a total joke – poor sod goes out of business and has comments like that made about him…….the world has gone crackers!

  • anonymous 6th June 2011 at 12:09 pm

    You know I’m the first to slag brokers off in fairness but I’ve even got to offer some solidarity on this one.

    What a total joke – poor sod goes out of business and has comments like that made about him…….the world has gone crackers!

  • Luke Atkinson 3rd June 2011 at 3:13 pm

    @ Compliance Man – FSA and professional body in the same statement?

    oxymoron n. , pl. , -mora , or -rons. A figure of speech that combines contradictory terms.

  • John O'Hearne 3rd June 2011 at 1:07 pm

    In the current climate its a non story, but what about a Network that recently ceased trading leaving its ARs out of pocket, where was your investigative journalism there when it was really needed?,come on Mortgage Strategy, starting fighting for the good guys!

  • Roy 3rd June 2011 at 12:10 pm

    Give yourself a pat on the back FSA even celebrate (because you can afford it).

    He does sound like a bad one real BAD. You must feel so proud to take another broker out of the industry….. not many left now

  • Compliance Man 3rd June 2011 at 11:48 am

    If you want to give up your authorisation you have to inform the FSA in the proper manner. Ignoring requests for fees and failing to respond to correspondence is not a satisfactory way of dealing with matters.

    Failure to de-authorise within the prescribed timetable means you are liable to pay the fees and levies.

    Anyone who treats a professional body in this manner is likely to be deemed not fit for the future. The approach taken may be a good short term fix for the firm but it will have an impact on the ability to become an authorised person in the future.

    The FSA have got this right.

  • Caroline 3rd June 2011 at 11:21 am

    I completely agree with both of the above comments. However it would surely have been prudent to advise the FSA that he was leaving the industry, things would not then have gone this far. Its all about communication

  • gerry roberts 3rd June 2011 at 10:31 am

    This bloke shouldsee a good lawyer. The statement is clearly untrue. If not making enough money in one of the worst worldwide financial reccessions in our history being u8nable to meet his financial commitments makes him “a not fit and proper person” what does that make the Bank directors et al? why have they been barred from carrying regulated activities. Does my memeory serve me right is saying the FSA had to be bailed out at one point. Anyway, insted of your sideline sniping why don`t you peole in the industry set up a finding fund or something and use this as a test case? truth is I don`t think any of you have got the bottle.

  • HectorsHouse 3rd June 2011 at 10:13 am

    A classic case of ‘Pot and Kettle calling’ by the children at Canary Wharf, I’d say….

  • anonymous 3rd June 2011 at 10:09 am

    Does this really warrant headline news ?

  • Ian 3rd June 2011 at 10:02 am

    Typcial FSA statment. More interested in cancelling the guys permission rather than finding a solution to the problem so he can carry on servicing his clients. As for saying that he is not fit and proper, it is a disgrace to say that. The only thing that is not fit and proper about this industry the the FSA who are not interested in client service but only their own self importance! If the FSA are so good at their job, why do they need to be immune from any legal action!

  • Tony 3rd June 2011 at 9:59 am

    To name and shame & draw up their own conclusion, how despicable is that?

  • Tim 3rd June 2011 at 9:07 am

    This guy’s clearly just made his own decision to leave the industry and not pay another year’s FSA fees. Can’t see the point of the FSA’a statement: “not a fit & proper person”! What a load of tosh!