Turnbull Underwood Associates Mortgage Solutions in Northampton has had its permissions cancelled by the FSA.

By a First Supervisory Notice dated 6 May 2010, Turnbull Underwood’s permission was varied by removing all regulated activities with immediate effect and by including a requirement on Turnbull Underwood to notify all of its clients for regulated activities that it was no longer permitted by the FSA to carry on regulated activities. A copy of the First Supervisory Notice, by which the FSA varied Turnbull Underwood’s permission, is displayed on the FSA’s web site.

On the basis of the facts and matters and conclusions described in its Warning Notice dated 6 May 2010, and in the Decision Notice, it appeared to the FSA that it is no longer necessary to keep Turnbull Underwood’s permission in force and that the FSA must cancel it, following the variation action removing all regulated activities.

In addition to its obligation to cancel Turnbull Underwood’s permission, the FSA also considered that cancellation of Turnbull Underwood’s permission is necessary because it has failed to pay fees and levies of £1,593.40 owed to the FSA, despite repeated requests that it do so.

This failing, which is significant in the context of Turnbull Underwood’s suitability, led the FSA to conclude that it is not conducting its business soundly and prudently and in compliance with proper standards and that it is not a fit and proper person, and that it is therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which it has a Part IV permission.