FSA cancels broker’s permissions

The FSA has cancelled Mortgages UK 1970’s Part IV permission.

This is because Mortgages UK 1970 has failed to comply with the regulatory requirement to submit its Retail Mediation Activities Return for the period ended 30 September 2011 (the “RMAR”).

The regulator also said that Mortgages UK 1970 has not been open and co-operative in all its dealings with the FSA, in that it has failed to respond to the FSA’s repeated requests for it to submit the RMAR, and has thereby failed to comply with Principle 11 of the FSA’s Principles for Businesses and to satisfy the FSA that it is ready, willing and organised to comply with the requirements and standards under the regulatory system.

In its notice, the FSA said: “These failures, which are significant in the context of Mortgages UK 1970’s suitability, lead the FSA to conclude that Mortgages UK 1970 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.”

Mortgages UK 1970 was based at Number One Waterton Park, Bridgend, Mid Glamorgan CF31 3BF.