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Six firms banned for RMAR submission failures

by: IFAonline
  • 06/01/2011
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Six firms banned for RMAR submission failures
Two mortgage brokers are among six firms that have had their permissions cancelled by the FSA after failing to submit their Retail Mediation Activities Returns (RMAR).

Fleet Insurance Solutions based in Welling, A J Wiggins based in Oxford, ABL Mortgage Services in Orpington, Associated Independent Mortgages based in Swansea, Hertfordshire-based C&C Financial Consultants and gr8works in Ayrshire have all received final notices from the regulator.

In each case, the FSA said the firms had failed to submit their RMAR returns for the period ending 31 March 2010, despite repeated requests.

It said: “You have not been open and co-operative in all your dealings with the FSA, in that you have failed to respond to the FSA’s repeated requests for you to submit the RMAR.

“These failures, which are significant in the context of your suitability, lead the FSA to conclude that you are not conducting your business soundly and prudently and in compliance with proper standards.”

The RMAR is an electronic return for the collection of information required by the FSA as a basis for its supervision activities and to help the FSA to monitor firms’ capital adequacy and financial soundness.

It is also required to calculate the fees payable by the firm to the FSA, the Financial Ombudsman Service and the Financial Services Compensation Scheme.

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