The Financial Services Authority (FSA) has cancelled MPC Mortgage Services Part IV permission over its failure to pay regulatory fees and levies totalling £1,177.77, despite repeated requests from the FSA to do so.
This failing led the FSA to conclude that the Manchester-based brokerage had not been conducting its business “soundly and prudently” and in compliance with proper standards.
In its Final Notice, the FSA ruled MPC “not a fit and proper person,” and said the brokerage had failed to satisfy the Threshold Conditions in relation to the regulated activities for which it had Part IV permission.
On 3 August 2012, MPC referred the Decision Notice it received from the FSA to the Upper Tribunal, but later withdrew its reference on August 29.
