A mortgage broker is to lose its permissions over RMAR failings.
Total Independent Mortgages Limited of Stockport, Cheshire, has been give a final notice about a decision to cancel the permission to carry on regulated activities.
The FSA said it is not satisfied that it is a fit and proper person having regard to all the circumstances, including the need to ensure that its business is conducted soundly and prudently.
This is because the firms was deemed to have failed to comply with the regulatory requirement to submit its Retail Mediation Activities Return for the period ended 31 December 2010.
The regulator said it had not been open and co-operative in all its dealings with the FSA, in that it failed to respond to the FSA’s repeated requests 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 it is ready, willing and organised to comply with the requirements and standards under the regulatory system.
In its final notice (published on its website), the FSA wrote: “These failures
