FSA cancels broker’s permissions

Published on

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.

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Mortgage lending availability falls as banks anticipate recovery in demand

Mortgage credit availability and demand for house purchase and remortgaging all declined during the...

L&G broadens adviser training to cover retirement and estate planning

L&G has extended its Adviser Academy webinar programme to help financial advisers address a...

Four in five homeowners have taken no action to protect against extreme weather

Almost eight in 10 homeowners have made no specific preparations to protect their properties...

Expat mortgage applications hampered by income verification difficulties

Almost two-thirds of mortgage brokers identify proving overseas income and affordability as the biggest...

LSL appoints Matt Surridge to new broker propositions role

LSL Financial Services has appointed Matt Surridge as propositions director, a newly created position...

Latest publication

Other news

Mortgage lending availability falls as banks anticipate recovery in demand

Mortgage credit availability and demand for house purchase and remortgaging all declined during the...

L&G broadens adviser training to cover retirement and estate planning

L&G has extended its Adviser Academy webinar programme to help financial advisers address a...

Four in five homeowners have taken no action to protect against extreme weather

Almost eight in 10 homeowners have made no specific preparations to protect their properties...