FCA revokes permission to broker


Broker permission, UK regulator, FCA, FCA revokes permission to brokerThe Financial Conduct Authority has again deprived a broker of authorization for credit permissions on grounds that the regulator was unable to determine whether the applicant could be effectively supervised or whether or not he was still trading.

Michael Banks of 79 St. Margarets Avenue, Bradford, West Yorkshire had his application refused by the UK financial authorities. His request was to maintain his credit broking, debt adjusting and debt counseling permissions, having failed to the FCA with relevant documentation.

After receiving Michael Bank’s application on April 1st, 2014, there were worries as to whether business activities of the applicant will be carried out in the UK and if so whether it could be adequately supervised. The FCA tried to contact him via a letter sent to to the submitted business address and via email to confirm that the application was complete and his 6 months consideration period had commenced. But the letter was sent back to the regulators and tagged “addressee gone away.”

A grace period till 11th July was presented for Michael Bank’s to clarify why his actual details did not correspond with that on the electoral register, but no response was received from him and efforts to reach him via phone also proved futile.

Continuous effort by the UK regulator to get in touch with the party was all fruitless. This therefore made it obvious that the business activities of this party, Michael Banks could not be adequately monitored as he failed to meet the necessary criteria for regulated activities.

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