In the FSA’s Final Notice it said Mortgage & Finance Professionals had “not been open and co-operative” in all its dealings with the FSA and failed to respond to repeated requests for it to submit the RMAR.
According to the regulator, the advice firm has not referred the matter to the Upper Tribunal.
The brokerage’s failure to submit the RMAR lead the FSA to conclude that it “was not conducting its business soundly and prudently” and in compliance with proper standards.
The FSA also ruled that the mortgage broker is “not a fit and proper person,” and is therefore failing to satisfy the threshold conditions in relation to the regulated activities for which it has Part IV permission.
Mortgage & Finance Professionals is the eighth firm to lose permissions for RMAR non-submission this year.
