FSA banned 151 small firms in 2006/07

The majority (91) were banned because they failed to submit their retail mediation activities return (RMAR), despite being reminded to do so. The RMAR is a set of data requirements which form the basis of small retail firms’ electronic reporting to the FSA and it must be submitted every six months. Failure to submit the RMAR is a breach of threshold condition four, which requires the FSA to ensure firms have adequate resources, and threshold condition five, under which firms must satisfy the FSA they are fit and proper to carry on regulated activities. Stephen Bland, director of small...