The Financial Conduct Authority has shut down a Merseyside mortgage broker who failed to meet regulatory reporting requirements.
According to the FCA Francis Birchall, who traded as Dual Mortgage Brokers in Wallesey, was not a fit and proper person.
In a final notice the FCA stated Mr Birchall had failed to comply with the regulatory requirement to submit the Retail Mediation Activities Return, prompting questions about the way he ran his business.
In a final notice the FCA said: “Mr Birchall has not been open and co-operative in all his dealings with the authority, in that he has failed to respond adequately to the authority’s repeated requests for him to submit the RMAR.
“These failures, which are significant in the context of Mr Birchall’s suitability, lead the authority to conclude that Mr Birchall has failed to manage his business in such a way as to ensure that his affairs are conducted in a sound and prudent manner, that he is not a fit and proper person, and that he is therefore failing to satisfy the threshold conditions in relation to the regulated activities for which Mr Birchall has had a permission.”
According to the Financial Services Register Mr Birchall had been a director at Dual Mortgage Brokers between 2008 and 2010.
It does not list that he has ever worked at any other firms and is currently listed as inactive but the register also said that between that same time he was an appointed representative of Price By Price Ltd.
Dual Mortgage Brokers ceased to be an authorised firm on Monday (27 June).
