Manchester broker banned by FSA
By Bridging Loan Directory -
The Financial Services Authority has confirmed that it has banned Manchester-based insurance broker Commercial Insurance Services from carrying out any regulated activities, following an earlier decision to limit its permissions over compliance issues.
In July of this year the firm was issued with a supervisory notice by the regulator that removed permissions to carry on regulated activities, including the administration of insurance policies and holding client money.
The notice, which is published on the FSA’s website, states that the firm’s “sole controller”, former director Arthur John Kirk, had been banned by the FSA in September 2009 “from performing any function in relation to any regulated activity”.
In August 2009 the company withdrew the approval of Mr Kirk and applied for approval to be granted for Alan John Leavy, who Companies House records show is listed as the sole director of the firm.
The FSA said that his application was withdrawn in November 2009 before any decision had been made.
According to the supervisory notice, this meant that the firm had failed to ensure it had competent and prudent management “in that CIS has no individual who is approved by the FSA to perform the controlled function of director”.
In the final notice banning all permissions, the FSA said: “It appears to the FSA that it is no longer necessary to keep [Commercial Insurance Services’] permission in force and that the FSA must cancel it, following the variation action removing all regulated activities.”
The regulator said: “The FSA also considers, on the basis of those facts and matters, that it is necessary, in order to protect the interests of consumers, for the action specified above to take immediate effect.”