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Essex based broker has permission cancelled
Wednesday 10th March 2010An Essex-based broker has had his permission to carry out regulated activities cancelled by the FSA, after he failed to pay his fees.
The regulator sent a final notice to Adam John Lucas, trading as People Loans, saying that as he had not paid fees and levies of nearly £1,350 owed to the FSA, despite repeated requests to do so, it was deemed that he was not a fit or proper person.
The FSA said that his failure to pay fees was significant in the context of Mr Lucas’ suitability. In the broker’s final notice letter, the regulator went on to say: “[This] leads the FSA to conclude that you are not conducting your business soundly and prudently and in compliance with proper standards.”
It also added that Mr Lucas had not referred the matter to the Financial Services and Markets Tribunal within 28 days of the date on which a Decision Notice had been sent to him (2nd of February 2010) and as a result, the FSA has now cancelled his Part IV permission.
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