The FSA has suspended the registration of Ethnic Mutual Ltd for three months from 14 March 2008 it was announced today.
The firm, exempted as a charity, is registered as an Industrial and Provident Society, but the FSA says it has not been satisfied that the firm is being run for the benefit of the community.
The FSA will publish details on its Moneymadeclear website, advising consumers that registration will be suspended.
Until the suspension is lifted, Ethnic Mutual Ltd will not be able to accept funds, issue share capital or make new loans.
If the firm does not satisfy the FSA that it is running its business for the benefit of the community, it could suffer a further three month suspension or receive two months notification that its registration is to be cancelled.
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The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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