An IFA has had her permissions withdrawn after failing to satisfy CCJs that she had accumulated.
Elaine MacCormack, trading as EPM Financial Services, from Banstead in Surrey, was found to have been in breach of MIPRU 4.2.1R and IPRU(INV) 2.2.1R(1), which required her to be able to meet her liabilities as they fell due.
Also, by breaching MIPRU 4.2.1R and IPRU(INV) 2.2.1R(1), she was also in breach of Principle 4, that failing is material in relation to the regulated activities for which she had permission and was therefore failing to satisfy Threshold Condition 4: Adequate Resources.
On 15 June 2010, the FSA wrote to MacCormack stating that there were seven unsatisfied CCJs against her (or her firm), totalling £530,009. On 22 June 2010, she informed the FSA that she satisfied one judgment and made payments in respect of another debt, reducing the total debt by £5,369. She stated that she would be able to meet all her liabilities upon completion of the sale of her property, which was being marketed.
On 24 September and 8 November 2010, the FSA wrote to her requesting an update on her financial position and the sale of her property. The FSA did not receive a response.
On 23 November 2010, the FSA received evidence suggesting that a further six CCJs totalling £6,584 had been made against her and her firm, which remained unsatisfied. The FSA wrote to her on 13 December 2010, requesting that she confirm whether these CCJs were made against her and her firm, and whether they had been satisfied. The FSA did not receive a response.
The FSA concluded that 12 CCJs against her and her firm are unsatisfied at a total of approximately £531,224. The FSA has not been provided with any evidence that her liabilities will be met in the near future or at all.
