The FSA has cancelled the permissions of Equifund, citing lack of professional indemnity (PI) insurance and "significant failings" in the conduct of the broker's business.
The action comes after the FSA varied the firm's permissions and prevented it from carrying out regulated activities in February because of a lack of professional indemnity insurance.
A decision notice was given to Equifund on 21 March informing the firm its permissions were to be cancelled. The broker did not refer the matter to the Upper Tribunal within 28 days from the date of that notice.
In addition, the watchdog said the firm had failed to pay fees and levies totalling £1,891.22 owed to the FSA and also failed to submit Retail Mediation Activities Returns for the periods ended 31 October 2010, 30 April 2011 and 31 October 2011.
"These failings, which are significant in the context of Equifund's suitability, lead the FSA to conclude that Equifund is not conducting its business soundly and prudently and in compliance with proper standards and that it is not a fit and proper person," said the FSA.
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