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FSA cancels broker firm’s permission for failing to report address change

The FSA has cancelled the permissions of Chioma Mortgages, meaning it can no longer carry out regulated activities, because the broker did not inform the regulator that it had changed its business address.

The regulator had given Chioma Mortgages a warning notice on June 29 stating that the FSA was looking into the case.

A decision notice was then issued on August 11 of this year stating that the regulator had decided to cancel the firm’s part IV permissions.

The regulator says it has no current, valid contact information for Chioma Mortgages and therefore no valid means of communication with the firm.

In a final notice, the FSA says: “These failures, which are significant in the context of your suitability, lead the FSA to conclude that you are not conducting your business soundly and prudently, and in compliance with proper standards, that you are not a fit and proper person, and that you are therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which you have part IV permission.”


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There are 9 comments at the moment, we would love to hear your opinion too.

  1. You must be joking 21st September 2010 at 12:20 pm

    I wonder where the FSA sent the final notice?

    Answers on a postcard please!

  2. Regardless of wherever the final notice finishes up, I bet that it was delivered by the hands of a couple of FSA employees who had to stay overnight in a five star hotel in order to do it.

    Stunned yet again!.

  3. E-Mail? Telephone? Fax? Local Business Directory? Mortgage Lenders with whom Chioma Mortgages has done business over the preceding 12 months?

    If the firm was untraceable via any of these means, then in all probability it’s just shut up shop and cleared off into the wild blue yonder, so are its principals likely to give a monkey’s about being struck off?

  4. 13 seconds

    Head Office: Chioma Mortgages

    87 Crofton Road
    E13 8QT

    Telephone: 020 7476 8227
    Fax: 020 7055 4822

  5. Crofton Rd is the address on the FSA register!

  6. 87 Crofton Road is also quite blatantly someone’s house, in a totally residential area. (Couldn’t resist some virtual snooping on Google Street View.)

  7. Yes, remarkably hard to find…

    Google maps even shows the mid terrace with its windows open for airing.

  8. If you look at the firms website you will see that this doesn’t matter to them because they are regulated under The Mortgage Code!!
    How come the FSA hadn’t noticed this?

  9. Strange – the final notice was at the FSA website yesterday but it has been withdrawn this morning. I wonder why?

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