The Financial Services Authority has barred nine small firms from carrying out regulated business after they failed to submit the Retail Mediation Activities Return (RMAR).
The barred firms include six general insurance firms, two financial advisers and one mortgage firm.
It is the first time the FSA has taken enforcement action against intermediaries for non-submission of the RMAR, which contains key business data forming the basis of Integrated Regulatory Reporting (IRR).
Jonathan Phelan, head of department in the FSA’s enforcement division, says: “Regulatory reporting is essential to monitor firms effectively and to ensure fair and efficient markets. We give firms every chance to complete the RMAR on time and provide information, guidance and reminders of when the returns are due. Firms must take the submission of the RMAR seriously.”
The barred firms are:
- Ascot Cars (Hants) Limited, Hook, Hampshire;
- Baycover Performance Cars and Motorcycles Limited, Lowestoft, Suffolk;
- C V Southerden & Co, Slough, Berkshire;
- Eurotec 97 Limited, Hayling Island, Hampshire;
- Daniel Wier trading as Kennedy Cars, Baillieston, Glasgow;
- Portmans Estate Agents Limited, Wembley, Middlesex;
- Thames Mortgage and Insurance Consultants, Teddington, Middlesex;
- Trudana (Life and Pensions Consultants) Limited, London W1; and
- Simon Neil Limited, Manchester, Lancashire.
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