FSA deems broker to be 'not fit and proper'

FSA deems broker to be 'not fit and proper'


The Financial Services Authority has given a final notice to mortgage broker Total Independent Mortgages Limited for failing to comply with regulatory requirements.

The FSA cancelled the Cheshire based company’s ‘Part IV’ permission to carry on regulated activities after they failed to submit their Retail Mediation Activities Return (RMAR) for the period ending 31 December 2010.


Furthermore, the FSA stated: “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.”


The company received a Warning Notice on June 7 and a Decision Notice on July 19 detailing the permission cancellation.


After the Regulatory Decisions Committee made the decision, the FSA told Total Independent Mortgages Ltd: “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 had part IV permission.”

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