We use cookies to improve site performance and enhance your user experience. If you'd like to disable cookies on this device, please see our cookie management page.
If you close this message or continue to use this site, you consent to our use of cookies on this devise in accordance with our cookie policy, unless you disable them.

In association with

Home > Regulation > UK Regulation

By Michael Trudeau | Published Jun 01, 2012

FSA bans sixth firm in two months for RMAR failure

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.

visible-status-Standard story-url-FTA prime choice MT 010612.xml

Most Popular
More on FTAdviser