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Categories:Advisers,Regulation

FSA cancels adviser's permissions over unpaid CCJs

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The FSA has cancelled the permissions of adviser Elaine MacCormack, who was trading as EPM Financial Services, due to unpaid county court judgements totalling £531,224.

On June 15, the FSA wrote to MacCormack stating there were seven unpaid CCJs under her, or the firm’s, name totalling £530,009. She satisfied one of the CCJs and had made payments towards another, reducing her total outstanding debt by £5,369.

MacCormack told the FSA she would be able to meet the others after she sold her property.

On September 24, the regulator once again wrote to MacCormack, this time to get an update of her financial position, but did not receive a response.

In November, the FSA says it received evidence of a further six CCJs totalling £6,584, which remain unsatisfied.

After failing to get a response from MacCormack when it contacted her one last time, the regulator took the decision to remove her permissions. She had been granted to carry out home finance and investment business.

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Readers' comments (3)

  • An impressive total. It'd be interesting to see just what they were all for. I mean, just how do you rack up over half a million quid's worth of CCJ's?

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  • This is what the FSA background checks etc need to unearth. This also shows guys who are worried about FSA checks that it does have to be pretty substantial for them to warrant stopping you from making a living.

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  • So, what does everyone think: GE or Cheshire for a remortgage then?

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