CompaniesApr 24 2012

FSA strikes off London-based broker

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ByEmma Ann Hughes

London-based insurance broker Equifund Ltd has received a final notice from the Financial Services Authority after it failed to challenge an earlier warning from the FSA that it was set to have its permissions axed.

Back in February, the FSA varied Equifund’s Part IV permission by removing all regulated activities with immediate effect over the firms failure to maintain adequate professional indemnity insurance cover.

Yesterday (23 April), the Shepherd’s Bush Green-based broker was finally struck off for failing to pay fees and levies totalling £1,891 owed to the FSA.

The broker was also criticised by the FSA for failing to submit a Retail Mediation Activities Return for 31 October 2010, 30 April 2011 and 31 October 2011 despite repeated requests to do so.

The final notice states: “These failings, which are significant in the context of Equifund Ltd’s suitability, lead the FSA to conclude that Equifund Limited is not conducting its business soundly and prudently and in compliance with proper standards.”