FSA banned 150 small firms in 2006

Figures released by the FSA show a small drop in the number of small businesses, a mixture of financial advisers, general insurance and mortgage brokers, that had their permission cancelled. In the year to the end of March 2007, 151 firms were stopped from carrying out regulated activities, 10 less than the year before. The causes were varied but the majority of them did not complete the Retail Mediation Activities Return(RMAR). The return is an electronic reporting requirement that includes information on company finances, staff training and qualification levels, product sales and oth...