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FSA cancels permissions of Southampton-based mortgage broker

The FSA has cancelled the permissions of mortgage brokers Green Money Limited after ruling it was not conducting its business “soundly and prudently”.

On 6 February, the FSA cancelled Green Money Limited’s part IV permission after serving the Southampton-based firm with a decision notice on 3 January.

The FSA ruled Green Money had not been open and co-operative in its dealings with the regulator and failed to respond to multiple requests to submit the Retail Mediation Activities Return for the period ending 30 June.

These failings led the FSA to conclude Green Money was not fit and proper and failed to satisfy the conditions required for the regulated activities covered in its permissions.

Green Money Limited did not refer the matter to the Upper Tribunal.

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Comments

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

  1. Seems that Mortgatge brokers have now cottoned on to the easiest way to get deauthorised too. Still interested to see how many advisers are no longer on the register by the end of this year whether they siomoly kicked out for non payment of fees or didnt bother getting qcf level 4 qualified or who didnt bother getting SPS. The numbers will increase dramatically this year over last. Does anyone know how to get a hold of actual adviser numbers on the regulator site for each year since say 2008 up to the last yers end? I would love to find out

  2. No surprise that Green Money have lost their permissions and in all honesty it couldnt have happened to a ‘nicer’ bloke. Taking staff on and making them redundant 1 month later. Getting staff to do stuff that they were not comfortable doing by threatening them with their jobs. Threatening staff with the sack just a couple of weeks after starting as the owner felt their sales figures were not good enough. The only thing that surprises me about this news is that it did not happen sooner. Refusing to return contact from ex-employees new employers when requesting references and only doing so when threatend with the FSA. Sham of a company run by someone who has no consideration for anyone but himself.

  3. Marty, FSA figures indicate sbout 8% reduction, mostly from bank advisers. This ties in with anicdotal evidence from IFA firms too.

    It certainly appears the fallout, so far as IFAs are concerned turned out to be far lower than some of the more pessimistic predictions.

  4. From my own personal experience of working for this outfit, I can assure that the FSA has done the consumer a favour.

    Anyone who referred to their customers as ”punters”, deserves to be forced to hang up their stetson.

    They will probably relaunch within the payday loan sector.

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