FSA bans sixth firm in two months for RMAR failure
Prime Choice Mortgages is the latest casualty after failing to submit a retail mediation activities return.
The Financial Services Authority (FSA) has cancelled the permissions of Prime Choice Mortgages after the company failed to submit its retail mediation activities return.
Despite repeated requests from the regulator, London-based Prime Choice Mortgages did not submit its RMAR for the period ended 31 October 2011.
The FSA concluded the business had “not been open and cooperative in all its dealings with the FSA”, and is therefore not conducting its business “soundly and prudently and in compliance with proper standards”.
This ban is the latest FSA ban on companies for failing to submit an RMAR.
Last month alone (May 2012), five companies lost their permissions for the same reason.
These included insurance brokers Rajendra Patel, Clive Herbert Danby Heaps, and Steven Toole, who were all served final notices dated 3 May.
Later in the month the FSA banned Mortgages UK 1970 and Bunn & Co for RMAR failings.
In April, Kent-based mortgage broker and IFA Michael Powley lost his permissions for not submitting RMAR for the period ending 31 July 2011.