The regulator has given final notice to the Stockport broker on its decision to cancel its Part IV permissions with immediate effect, saying that Total Independent Mortgages had failed to be “open and co-operative” in its dealings with the FSA.
The FSA said it had made “repeated requests” to Total Independent Mortgages to submit its RMAR, which it had failed to do, so not complying with regulations and not satisfying the FSA it was “ready, willing and organised to comply” with its requirements and standards.
The FSA said: “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, that you are not a fit and proper person, and that you are therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which you have had Part IV permission.”
Total Independent Mortgages did not refer the matter to the Upper Tribunal within 28 days of the FSA’s decision notice on 19 July.
