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FSA cancels London-based mortgage broker’s approval

The FSA has removed the approval of London-based mortgage broker Olayinka Oladipupo for not being fit and proper to run an authorised firm.

The permission of Trinity Network Services Limited, where Oladipupo was sole principal and controller, has also been cancelled.

During an FSA investigation into his conduct in November and December 2008, Oladipupo failed to attend a compulsory interview and provide the FSA with requested documents and information.  

As a result of his failure to deal with the FSA in an open and co-operative way, the FSA deemed that Oladipupo was not fit and proper to hold a regulated position, and therefore removed his approval.  

The FSA also cancelled Trinity’s permission for not having competent and prudent management, as a result of Oladipupo’s approval being withdrawn.

FSA head of retail enforcement Tom Spender said: “Approved persons and authorised firms must deal with the FSA in an open and co-operative way. Failure to comply with a request for information or to attend an FSA interview is unacceptable, especially when we are seeking to look into issues of potential concern.  

“We will not tolerate such behaviour and will take tough action to remove the approval and authorisation of individuals and firms who attempt to prevent us from doing our job.”

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. Better five years late than never, I suppose.

  2. Is it because I am an English speaking Welshman that I struggle with the pronunciation of all these ‘new’ English names?

    All joking apart now, how on earth did these people obtain authorisation in the first place??

    Lesley said the FSA must ‘bite the bullet’ and regulate individual intermediaries as they do with IFAs, bit late isn’t it? The longest period of unchecked financial fraud that I know of, anyone going to dispute that? Guess which vested interests caused this.

    I don’t know whether to feel sorry for the regulator or offer some petrol to anyone who wants to ‘burn it down’. The really sad part is that none of them personally pay a price for being wrong, the rest of society does though, including the IFAs who are being decimated by each new incidence of the ‘Kenmir effect’.. the RDR for example.

    Just wait until all the festering CDOs, bad debts and anything else that is in the carbuncle of financial mire erupts.

    Does all this make you angry? Or does it make you sad?

  3. Nov – Dec 2008 to January 2010.

    “attempt to prevent us from doing our job.”

    Looks like they were stopped for 14 months?

  4. Big Brother knows best, however if the FSA get anything wrong the individual involved only appears to suffer from promotion.

    Is it not time that such disputes were dealt with by the Arbitration Service.

  5. It appears Mr Oladipupo has been ‘struck off’, not because the FSA has found him to have acted fraudulently or given clients bad advice but for the bureaucratic ‘crime’ of not engaging with the FSA.
    So after 14 months of investigation there was presumably no evidence of wrongdoing so the FSA gets a ‘result’ by banning him on a ‘failure to engage’ charge.

    A case of ‘Do as we say not as we do’ if ever I saw one.

    I lodged a complaint with the FSA and requested an appointment to meet with them to resolve the issues surrounding that complaint.

    No one will be surprised to hear the FSA was not prepared to meet me.

    Instead they used all sorts of phoney excuses as to why they could not give me the information I was seeking. Their refusal cited the Data Protection and the Freedom of Information Acts. As it happens I was seeking details of what information they held on file about me and my firm.
    I had to point out that the DP Act was there to prevent them releasing information about me and my firm to others and could not be used to prevent them telling me what information they held on file about me!

    They continued trying to fend off my requests by claiming ‘exemptions’ from the F of I Act. So I had to speak to the Office of the Data Commissioner. They were very helpful in explaining that the grounds for the FSA’s refusal did not seem to be shall we say either ‘valid’ or ‘logical’. In fact the Data Commissioners people seemed quite keen for me to make a formal application for the information through them. Surprise surprise when I mentioned this to the FSA their attitude changed and they told me that ‘after reviewing my request’ they were going to let me have the information. Needless to say this was released with lots of ‘redactions’, blacked out bits, gaps or just missing memos. Virtually all notes were unattributable and internal e-mails were from ‘……….’ to ‘……….’ So no names no pack drill, what a carry on. They couldn’t organise a p… up in a brewery but they surely know how to pick up a bonus cheque.

    If they feel entitled to expect cooperation then the FSA should practice what it preaches.

  6. According to Islamic law, thieves get their hands cut off! According to FSA law Oladipupo failed to attend a compulsory interview and gets struck off!

    I trust there was more to it than failing to attend a compulsory interview!

  7. “attempt to prevent us from doing our job.”

    Like they do with the banks?

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