CompaniesApr 20 2012

FSA cancels Kent-based IFA over RMAR non-submission

Search sponsored by

The Financial Services Authority has cancelled the permissions of a Kent-based IFA and mortgage broker over his failure to submit his retail intermediation activities return.

According to a final notice published on the FSA website, Michael Powley, based in West Wickham, failed to submit his RMAR for the period ending 31 July 2011, despite “repeated requests” on the part of the regulator.

Mr Powley was issued with a warning notice in January 2012 and subsequently a decision notice in March 2012, the FSA statement says. He has not referred the matter to the Upper Tribunal.

The cancellation is one of two this week over failure to submit an RMAR, with Northern Ireland-based Motorcycle dealership P McNulty & Sons, which offered a range of personal loans and financing schemes, also being barred from carrying out regulated activities.

The news follows the cancellation this week of two more advisers over their failure to pay regulatory fees and levies. In all, seven advisers in the past two months have been issued with final notices for non-payment of fees, including three in just two days in March.

Some advisers have told FTAdviser that non-payment of fees is being used by some as an exit route from the industry in the lead up to the Retail Distribution Review, avoiding onerous and lengthy FSA de-authorisation processes.