FSA cancels permission of brokerage owing £1,600 in unpaid fees

08 October 2010

The Financial Services Authority has announced that it has cancelled the permission granted to a Wiltshire-based mortgage brokerage to carry out regulated activities.

According to the regulator, Affordable Mortgages Limited (AML) has failed to pay fees and levies of £1,618.05 owed to the FSA, despite repeated requests to do so.

In a letter of Final Notice, the FSA stated that AML was given both a Warning Notice and a Decision Notice, on 15 July 2010 and 31 August 2010, respectively.

As the brokerage did not refer the matter to the Upper Tribunal within 28 days of receiving the Decision Notice, its permission has now been cancelled.

The FSA called the brokerage's failure to pay fees ‘significant'.

The Final Notice added: "The FSA concludes that AML is not conducting its business soundly and prudently and in compliance with proper standards and that AML 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 AML has a Part IV permission."