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FSA cancels brokerage’s permissions over unpaid fees

The FSA has cancelled the permissions of Select Mortgage Services over the firm’s failure to pay the necessary fees and levies owed to the FSA.

The Berkshire-based firm was notified of the £1,675 it owed to the regulator on February 2 but failed to take any action.

The regulator then gave a decision notice on April 19 after which it decided to cancel the firms part IV permission.

In a final notice published yesterday, the FSA says: “This failing, which is significant in the context of Select’s suitability, leads the FSA to conclude that Select is not conducting its business soundly and prudently and in compliance with proper standards and that Select is not a fit and proper person.”

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Richard Brydon 7th June 2011 at 10:14 am

    They’re probably broke. FSA fees, when there’s no new business about, are of little importance when you’re trying to get by. This is not a news item, it’s just sad that it’s announced this way.

  2. Not so much not fit & proper as being kicked when you are down.
    The regulator, with its endless supply of funds, knows nothing about trying to keep a business afloat during a recession.
    The human cost behind this report is unquantifiable
    Agree with Richard and share his compassion.
    This is just sad.

  3. “Select is not conducting its business soundly and prudently “.

    Unlike the FSA they can’t stick their trouts in a never ending stream of fees and penalties handed out to financial services companies.

  4. Classical case of the Pot calling the Kettle Black.

    Nobody of anystanding publicly declare the FSA to be fit for perpose, so why has the FSA not pulled the plug on itself.

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