The FSA said that the Hertfordshire-based firm had not submitted its Retail Mediation Activities Return and then had repeatedly failed to co-operate with the regulator’s requests.
It has now removed the firm’s permissions after saying it was ‘not satisfied’ with the firm’s ability to conduct business correctly.
The FSA judgement said: “It appears to the FSA that Euro Mortgages Limited is failing to satisfy the threshold conditions set out in Schedule six to the Act (the “Threshold Conditions”) in that the FSA is not satisfied that Euro Mortgages Limited is a fit and proper person having regard to all the circumstances, including the need to ensure that its business is conducted soundly and prudently.”
“These failures, which are significant in the context of Euro Mortgages Limited’s suitability, lead the FSA to conclude that Euro Mortgages Limited is not conducting its business soundly and prudently and in compliance with proper standards, that it is not a fit and proper person, and that it is therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which it has had Part IV permission.”
Euro Mortgages Limited has not referred the matter to the Upper Tribunal.
