FCA strips broker of permissions

FCA strips broker of permissions




A broker has received a rejection from the Financial Conduct Authority in regards to his credit permissions .

A broker has been rejected by the FCA in his application for credit permissions.

The FCA has refused the application from Michael Banks of 79 St. Margarets Avenue, Bradford, West Yorkshire, to maintain his credit broking, debt adjusting and debt counselling permissions after he failed to provide the regulator with requested information.

The Regulator received the application on 1st April 2014 and was concerned whether Michael Banks would carry out business in the UK and if he could be effectively supervised while doing so.

With this in mind, Michael Banks was requested to inform the FCA why he was not contactable to discuss the details on his application and also to provide up-to-date contact details with verification.

On June 25th 2014, a letter was sent to the business address as well as an email to Michael Banks confirming his application was complete and the six month consideration period had started. However, this correspondence was sent back to the FCA marked “addressee gone away.”

Mr Banks was then given until the 11th July to clarify why his details did not match the details on the electoral register. After the deadline had passed, the FCA attempted to contact him via phone however both numbers on file were not obtainable.

The FCA continued to attempt to contact Michael Banks for another three months but did not receive any form of communication since receipt of his application form.

It was therefore unable to determine whether the firm had offices in the UK and if Michael Banks could have been effectively supervised or whether or not he was still trading.

The FCA therefore decided that it could not ensure Michael Banks would satisfy the threshold conditions to all the regulated activities and therefore denied his application for permissions.


 

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