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Broker firm banned for ‘ignoring’ regulator

by: Adam Lewis
  • 22/09/2016
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Broker firm banned for ‘ignoring’ regulator
The Financial Conduct Authority (FCA) has refused Danmirr Capital Limited’s application to carry out the regulated activities of credit broking, debt adjusting and debt counselling, after repeated requests for further information were ignored by the firm.

Having received the application in April last year, the regulator reached out to Danmirr on four separate occasions, over a 16 week period, for more information to be considered for these activities.

After repeated promises of replies from the firm, none were forthcoming leading the FCA to conclude that it could not be sure that Danmirr Capital could, and would continue to satisfy, the threshold conditions for the regulated activities it was applying for.

A statement from the FCA said the failure to provide information raised concerns as to whether Danmirr Capital could effectively be supervised, had the appropriate human resources (given its failure to respond) and would conduct its business “with integrity and in compliance with proper standards” as required by threshold conditions.

The FCA said: “Authorised firms (and those seeking authorisation) are expected to engage with the Authority in an open and co-operative way. The failure to provide the requested information raised concerns that DCL (Danmirr Capital Limited) would not do so if the Application were to be granted.”

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