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FCA strips mortgage broker of permissions

  • 29/06/2016
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FCA strips mortgage broker of permissions
The Financial Conduct Authority (FCA) has cancelled a mortgage broker’s permissions to carry out regulated business activity after failing to comply with required threshold conditions.

The FCA said that Francis Birchall, who trades as Dual Mortgage Brokers, was not meeting threshold conditions set by the regulator which are the minimum standards for being, and remaining, authorised.

This includes submitting a regular Retail Mediation Activities Return to the FCA, which are reporting requirements detailing sales carried out at authorised firms, which Birchall had not complied with.

In its final notice, the FCA said Birchall had failed to be ‘open and cooperative’ in his dealings with the regulator, adding that he had not managed his business in a way to ensure that his affairs were conducted in a ‘sound and prudent manner’.

The regulator said: “On the basis of the facts and matters and conclusions described in its warning notice issued to Mr Birchall dated 1 April 2016 and in the decision notice, it appears to the authority that Mr Birchall is failing to satisfy the threshold conditions, in that the authority is not satisfied that Mr Birchall is a fit and proper person having regard to all the circumstances, including whether Mr Birchall managed his business in such a way as to ensure that his affairs are conducted in a sound and prudent manner.

“Mr Birchall has not referred the matter to the tribunal within 28 days of the date on which the decision notice was given to it. Accordingly, the authority has today cancelled Mr Birchall’s Part 4A permission.”

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