The FSA has stopped a mortgage brokerage from trading because it failed to inform them of a change of address.
A Final Notice was given this week to Chioma Skiing, which trades as Chioma Mortgages, after “failure to notify the FSA of a change in the address of [the] principal place of business”.
The FSA said the firm had failed to respond within the required 28 days that a Decision Notice was given, and that the permission to carry out regulated activities was therefore removed.
As the firm didn’t notify the regulator of its new address, it has “no current, valid contact information for [Chioma], therefore the FSA has no means of communicating with [Chioma].”
When Bridging and Commercial tried to contact the company its listed phone number didn’t work.
The FSA said: “These failures, which are significant in the context of your suitability, lead the FSA to conclude that you are not conducting your business soundly and prudently, and in compliance with proper standards, that you are not a fit and proper person, and that you are therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which you have Part IV permission.”
Tags: Bridging Finance, FSA