FSMT supports FSA rejection of IFA firm approval

Norman Deakin, Gwynneth Roe, and Ivan Harrison of Ridings GB Ltd appealed a decision by the Regulatory Decisions Committee which said they had failed to convince the FSA its financial threshold conditions could be met and the individuals met its ‘fit and proper’ test. Despite the firm’s lodging of an appeal, the tribunal says it has upheld the decision as Ridings subsequently failed to give sufficient reasons as to why its applications should be granted, compared with the “great efforts” the FSA is said to have gone to, in correspondence and consultation taken with individuals to assess ...