FCA cancels broker's permissions over missing RMAR

Failure deemed 'significant'

Carmen Reichman
clock • 2 min read

The Financial Conduct Authority (FCA) has cancelled a mortgage broker's permissions after he failed to submit his Retail Mediation Activities Return (RMAR).

The regulator deemed Francis Birchall, who was trading as Dual Mortgage Brokers, was not a "fit and proper person" to carry out regulated activities when he ignored the regulator's repeated requests for his RMAR, which was due last November. The FCA had warned Birchall about its impending action in a notice in April and a subsequent decision notice. It added he had not been open or co-operative in all its dealings with the regulator. It was therefore not convinced the broker managed his business in a sound and prudent manner. RMARs are detailed reports on the business advisers have...

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