An IFA has had her permissions to carry on regulated activities cancelled for failing to deal with 12 County Court Judgments (CCJ), totalling £531,224.
The FSA says it originally wrote to Elaine MacCormack, trading as EPM Financial Services, in June 2010, stating there were seven unsatisfied CCJs against her, totalling £530,009.
Although she contacted the FSA explaining more than £5,000 of the total debt had been satisfied and outlining a plan meet all her liabilities upon completion of the sale of her property, she subsequently failed to update the regulator on her situation.
In November, the FSA then found out a further six CCJs totalling £6,584 had been made against MacCormack and her firm, which remained unsatisfied, and she failed to respond when contacted about these.
It says: "In the opinion of the FSA, Elaine MacCormack's resources are not adequate in relation to the regulated activities she has had permission to carry on. Specifically, she is unable to meet her liabilities as they have fallen due.
"These failings are significant and material in relation to the regulated activities for which Elaine MacCormack has had permission, and she therefore fails to satisfy threshold condition 4 (adequate resources)."
And then prepare yourself
Aims to double client base
Work with wealth management team
Reduces chances of rate hike
'Following the letter, but not the spirit, of the rules'