Broker banned for lack of capital

The Bridgend-based firm cannot carry on regulated activities any further because it failed to maintain capital resources equal to or in excess of the FSA's relevant capital resources requirement. Advice was provided by the firm, which has been running for 15 years, on mortgages, personal and household insurance, protection products and secured loans. A warning notice was sent by the FSA on 8 July and this was followed by a decision notice on 12 August which cancelled the permission granted to the firm under Part IV of the Financial Services and Markets Act 2000 (the Act). The FSA adds...