Prime Choice Mortgages’ permissions cancelled

Prime Choice Mortgages’ permissions cancelled

Financial Services Authority

The FSA has today cancelled Prime Choice Mortgages Limited’s Part IV permission.

This is because Prime Choice Mortgages Limited (of 764 Barking Road, London
E13 9PJ) failed to comply with the regulatory requirement to submit its Retail Mediation Activities Return for the period ended 31 October 2011.

The regulator said the firm 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.

The FSA said that these failures lead it to conclude that Prime Choice 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.