FSA bans three over non-submission of RMAR
Failure to respond to regulator requests for retail mediation activities return led to loss of permissions.
The Financial Services Authority has cancelled the permissions of three separate individuals after they failed to submit their Retail Mediation Activities Return.
In final notices dated 3 May, published on the FSA website, the regulator revoked the Part IV permissions of insurance brokers Rajendra Patel, trading as RJ Insurance Brokers, and Clive Herbert Danby Heaps, trading as Danby-Heaps Insurance Brokers.
In another final notice, also dated 3 May, the FSA revoked the permissions of Steven Toole. The regulator told FTAdviser that it cannot confirm the nature of Mr Toole’s business for “legal reasons”.
The FSA register lists one entry for Steven Toole, but he is described as “inactive” and there are no past business functions listed.
The FSA said each of the three men were “not open and cooperative” in dealings with the regulator and failed to respond to repeated requests for them to submit their Retail Mediation Activities Return for the period ended 6 October 2011.
Subsequently, the regulator ruled the three were not “ready, willing and organised to comply with the requirements and standards set by the regulatory system”.
None of the three former brokers referred the matter to the Upper Tribunal.