The Financial Conduct Authority (FCA) has seized a mortgage advisor's permissions after branding him as not fit and proper….
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div>The Financial Conduct Authority (FCA) has seized a mortgage advisor’s permissions after branding him as not fit and proper…
Mortgage Advisor, Mr Douglas Carroll, trading as City and Chartered Mortgages Services, has had his permissions confiscated by the regulator, after various failures following a Warning Notice issued to him on the 11th June.
Consequently, a Decision Notice was handed to Mr Carroll on the 23rd of July 2014 where the Authority stated it was not satisfied that he was a fit and proper person, including questions over whether he managed his business in a way to ensure his affairs were conducted in a sound and prudent manner.
The FCA stated that Mr Carroll failed to comply with a requirement following his Warning Notice, to submit his Retail Mediation Activities Return (RMAR) by the 31st January 2014. He was deemed to have not been open and co-operative in all his dealings with the regulator, after failing to respond to the FCA’s repeated requests for him to submit the RMAR.
Therefore, the FCA has stated he has failed to comply with Principle 11 of the Authority's Principles for Businesses and failed to satisfy that he is ready, willing and organised to comply with the FCA’s requirements and standards.
The regulator has stripped him of his permissions after concluding that Mr Carroll has failed to manage his business to ensure that his affairs were conducted in a sound and prudent manner, that he is not a fit and proper person, and that he is therefore failing to satisfy the Threshold Condit in relation to the regulated activities for which he had a permission for.
The FCA has informed B&C that City and Chartered Mortgages Services had two permissions one in relation to mortgages and the other with insurance mediation.
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