The FSA has cancelled the permissions of Select Mortgage Services (Bracknell) Ltd to carry out regulated activities for “not conducting its business soundly and prudently”.
In its Final Notice, the FSA said that Select, based in Ascot, had failed to pay fees and levies amounting to £1,675.52 despite repeated requests to do so.
The FSA said that Select’s failure to pay lead it “to conclude that Select is not conducting its business soundly and prudently and in compliance with proper standards and that Select is not a fit and proper person”.
As a result, Select failed to satisfy the threshold conditions set by the regulator and it has now cancelled the broker’s Part IV permission.
