FSA serves final notice to firm in liquidation

The Financial Services Authority has issued a final notice to Westminster Mortgages Limited to cancel its permission to carry out regulated activities.

The firm was first issued a warning notice by the regulator for failing to pay fees on January 20 2011 and a decision notice the following month, before it entered compulsory liquidation on March 18 2011.

Westminster Mortgages Limited did not refer the matter to the Upper Tribunal and has now had its part IV permission cancelled for failing to pay fees and levies of £1,581.57 owed to the regulator and for failing to respond adequately to the FSA’s repeated requests to do so.

In its final notice, the FSA says: “This failing, which is significant in the context of Westminster’s suitability, led the FSA to conclude that it is not conducting its business soundly and prudently and in compliance with proper standards and 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.”