The FSA has given two firms final notice about a decision to cancel the permission granted to them to carry on regulated activities.

Phoenix Insurance Limited of Harlesden in London and Paramjit Sohanpaul (trading as Chase Symmons Financial Management) in Windsor were deemed by the FSA to not being fit and proper.

This was because the regulator said they failed to comply with the regulatory requirement to submit their Retail Mediation Activities Return (RMAR) for the period ended 30 November 2009. They had not been open and co-operative in all their dealings with the FSA, in that the failed to respond to the FSA’s repeated requests to submit the RMAR, and have thereby failed to comply with Principle 11 of the FSA’s Principles for Businesses and to satisfy the FSA that they are ready, willing and organised to comply with the requirements and standards under the regulatory system.