The Financial Services Authority (FSA) issued a final notice to Solomon Lloyd and cancelled the mortgage broker’s permission to carry on regulated activities.

It failed to pay fees and levies of £1,491.68 owed to the FSA despite repeated requests by the regulator.

The FSA said in the final notice: “This failing, which is significant in the context of Solomon’s suitability, leads the FSA to conclude that Solomon is not conducting its business soundly and prudently and in compliance with proper standards and that Solomon is not a fit and proper person.”