Today: Last Update:











Poll

Do you expect to see less or more second charge mortgage lenders in 2018?



Mortgage adviser takes FCA decision to Upper Tribunal


Court hammer

A mortgage adviser has referred the Financial Conduct Authority’s (FCA) decision to cancel his permission to the Upper Tribunal.

Michael Wilkinson, trading as Michael Wilkinson Mortgages, based in Huddersfield, received a decision notice from the FCA to cancel his Part 4A permission on the grounds that he provided inaccurate and misleading information to the regulator and his financial resources were not adequate in relation to the regulated activities he carried out. 

Mr Wilkinson had been authorised to conduct regulated home finance business since 31st October 2004, but was not permitted to hold client money. 

Under his permissions, Mr Wilkinson is required to maintain capital resources equal to or in excess of his relevant capital resources requirement that is the higher of £5,000 or 2.5% of the annual income from his business. 

The FCA had been in contact with Mr Wilkinson since April 2015 after it expressed concerns that he may have been providing inaccurate information when submitting his Retail Mediation Activities Returns (RMARs) to the regulator. 

The regulator says that Mr Wilkinson is still yet to provide “satisfactory and verifiable” evidence to support the financial information in his RMAR. 

The FCA felt there were material discrepancies between the financial information reported by Mr Wilkinson in his annual accounts and its RMARs. 

The FCA found that since September 2012 Mr Wilkinson had said he was meeting capital resources requirements in his RMARs, but based on the financial information reported in his annual accounts he had not maintained adequate capital resources. 

Mr Wilkinson was given the opportunity to explain his case to the FCA, but failed to respond within the time allowed after the regulator issued a warning notice. 

The FCA therefore felt that by providing inaccurate and misleading information in his RMARs, failing to comply with FCA principles and failing to act in an open and cooperative way with the regulators Mr Wilkinson was not fit and proper to hold permission. 

Therefore, the FCA has concluded that Mr Wilkinson’s permission should be cancelled. 

Mr Wilkinson has since decided to refer the FCA’s decision to the Upper Tribunal. 

Here, the tribunal has the power to dismiss the reference or to remit the matter back to the FCA with directions. 

The original decision notice was published on 24th May with the FCA making the decision public on 27th September 2016. 





Post your comment:

I well omega replica watches removed them, in I below. Those companions call fake rolex watches sounded like a bird chirp. Squeezed between the fragmentation omega replica of the basalt is cold crunching sound rolex replica watches of quicksand. Flat slopes gradually, I came to the edge of breitling replica watches the crater, a cement embankment covered with dark brown on top. I ran over to cartier replica watches see the cement, the steel roof covering the top: This is the beginning of replica watches the 22 century dome structure. It would appear that we have longines replica watches come to the right place. From my u boat replica watches current position.