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19 firms struck off by FSA

The FSA has cancelled the permission of 19 firms in the last year and caused over 100 to make changes to the way they operate.

In the year to June 30, around 50 firms addressed breaches of the FSA&#39s threshold conditions when faced with the prospect of a referral to the regulator&#39s threshold conditions team while 59 other firms took remedial steps when they were threatened with imminent enforcement action.

Nineteen firms had their permission to conduct investment business cancelled while two individuals with convictions for financial crime were prohibited.

The FSA&#39s threshold conditions require firms to have professional indemnity insurance in place, hold adequate financial resources, comply with FOS awards, co-operate with the FSA and pay FSA fees.

Managing director of the retail markets business unit Clive Briault says: “We aim to work with firms to help them maintain the required standards but the action taken over the last 12 months should send a message to all small businesses regulated by the FSA that we will not allow firms which fall significantly below the minimum standards to remain authorised.”

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