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FSA cancels permissions of Hertfordshire-based brokerage

FSA Letters 480

The FSA has has removed the permissions of a Hertfordshire-based mortgage brokerage for failing to meet regulatory requirements and not co-operating with the regualtor.

Euro Mortgages Limited failed to submit its retail mediation activities return, which is information and data the FSA requires all firms to submit, for the period ending 30 April.

In a decision notice published earlier this week, the FSA said Euro Mortgages had not bee co-operative when dealing with the regulator and had failed to respond to repeated requests to submit the RMAR, thereby failing principle 11 of the FSA’s principles of business – that it is “ready, willing and organised to comply with the requirements and standards under the regulatory system”.

The regulator says: “These failures, which are significant in the context of Euro Mortgages Limited’s suitability, lead the FSA to conclude that Euro Mortgages Limited is not conducting its business soundly and prudently and in compliance with proper standards, that it is not a fit and proper person, and that it is therefore failing to satisfy the threshold conditions in relation to the regulated activities for which it has had part IV permission.”

The brokerage has not referred the matter to the Upper Tribunal.

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