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Firms lose authorisation for flouting watchdog

The FSA has removed the authorisation of two IFA firms, saying they

have flouted the Financial Ombudsman by not paying awards made

against them.

Tudor House Financial Services, of 34 Chester Street, Wrexham, failed

to comply with five ombudsman awards and failed to cooperate at all

in dealing with another ombudsman investigation into a complaint made

against it by a client.

Action was initially taken against the firm last November preventing

it from trading on an interim basis pending last week&#39s decision.

The firm withdrew its appeal in March 2003, allowing the FSA to

proceed with the process of withdrawing its authorisation.

Williams Life Pension Mortgage and Insurance Services, of 48 South

Street, Ilkeston, Derbyshire, failed to pay out in two instances when

ordered to do so by the ombudsman.

This firm was prevented from carrying out authorised business last

November on an interim basis. It appealed before the financial

services and markets tribunal but then the FSA was notified in

January that the firm had dissolved the previous August and

therefore, in the FSA&#39s view, it no longer required authorisation.

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