FSA cancels broker's permissions due to lack of PI cover

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 3...