The regulator said that Castle Wildish has not been led by “a fit and proper person” and failed to satisfy Threshold Conditions, adding that it was not satisfied that Castle Wildish managed its business in such a way as to ensure that its affairs are conducted in a “sound and prudent manner”.
The FSA issued a Final Notice on 8 October which followed a Decision Notice issued on 3 September 2014 and a Warning Notice dated 8 August 2014.
Castle Wildish had 28 days from the Decision Notice to refer the matter to the Tribunal but failed to do so.
The FCA took action after Castle Wildish failed to comply with the regulatory requirement to submit its Retail Mediation Activities Return (RMAR) for the period ended 31 March 2014, which was due to be submitted by 15 May 2014.
It had also “not been open and co-operative” in all its dealings with the FCA, in that it failed to respond adequately to the authority’s repeated requests for it to submit the RMAR.
The FCA said it “has thereby failed to comply with Principle 11 of the Authority’s Principles for Businesses and to satisfy the Authority that it is ready, willing and organised to comply with the requirements and standards under the regulatory system.”
