FSA bars Octopus Mortgages for fee failure

The final notice states Octopus failed to comply with Principle 11 under which firms must co-operate with the regulator. More specifically, it failed to pay fees of £3,666.25 owed to the FSA, despite repeated requests to do so. Furthermore, Octopus failed to satisfy the threshold conditions set out in Schedule 6 of the Financial Services and Markets Act (FSMA) as the regulator is not satisfied it is a fit and proper person, having regard to all the circumstances, including the need to ensure its business is conducted soundly and prudently. The firm had the right to refer to the Fin...