The FSA has cancelled the permissions of five firms in one day for their failure to submit their retail mediation activities return to the regulator.
Yesterday the regulator issued final notices against Sheffield-based adviser Sally Whitaker trading as Rock Pool, Sheffield-based adviser John Metcalfe, Manchester-based firm Gorton Insurance Bureau, London-based firm Capital Solutions (S&J), and Fife-based firm BAJ Building Services.
All five firms were stripped of their permissions to carry out regulatory activities after they failed to submit their RMAR for last year.
The individual final notices by the FSA told the firms: “You have not been open and co-operative in all your dealings with the FSA, in that you have failed to respond to the FSA’s repeated requests for you to submit the RMAR, and have thereby failed to comply with principle 11 of the FSA’s principles for businesses and to satisfy the FSA that you are ready, willing and organised to comply with the requirements and standards under the regulatory system.
“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.”