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.”