In its final notice to Selby the regulator says he failed to co-operate with the FSA and failed to respond adequately to repeated requests between September 16 2010 and April 8 2011 for copies of client files.
He failed to provide information regarding mortgage applications which were declined or cancelled by a lender and other information, to allow the FSA to review his mortgage business.
The FSA says Selby has therefore failed to comply with Principle 11 (Relations with regulators) and satisfy the FSA that he is ready, willing and organised to comply with the requirements and standards under the regulatory system.
He has also failed to satisfy the FSA that he is conducting his business soundly and prudently and in compliance with proper standards and that he is a fit and proper person having regard to all the circumstances.
In its final notice, the FSA, says: “Selby has failed to respond adequately to the FSA’s repeated requests to him to provide copies of client files and other information to allow the FSA to review his mortgage business.
“Accordingly, the FSA has today cancelled Stephen Selby’s Part IV permission.”