The Financial Conduct Authority (FCA) cancelled the authorisations of 207 financial services firms in the 12 months to June.
The regulator’s Threshold Conditions Team (TCT) led the enforcement actions for firms which failed to pay FCA fees or submit returns and often ceased trading.
In its August update, the regulator said after referral, firms may still comply late and retain their authorisations.
To June, the regulator received 1,387 referrals about firms that failed to satisfy minimum standards, but 827 managed to retain their permissions with late action. Another 122 simply applied to cancel their permissions.
Repeat referrals
The FCA said: “Where firms are repeatedly referred to enforcement for failing to comply with basic requirements, enforcement will recommend that their permissions are cancelled even if the firms comply late.”
Earlier this month, the Upper Tribunal upheld the FCA’s decision to ban Charles Palmer, the former CEO of adviser firms Financial Limited and Investments Limited. The Tribunal also upheld the decision to fine Palmer £86,691.
The network operated nationally and, at its peak, in March 2011, consisted of 397 appointed representatives and 516 registered individuals.
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.