FSA sends final notice to firm for not paying fees

09^th March 2010 at 17:15

The Financial Services Authority (FSA) has sent Adam John Lucas, trading as People Loans, a final notice about cancelling permission granted to him to carry on with regulated activities.

According to the regulatory body, Mr Lucas did not pay fees and levies of £1,349.41 owed to the FSA even though repeated requests had been sent.

This meant that he had not satisfied the threshold conditions set out in Schedule 6 of the Financial Services and Markets Act 2000, which may be of note to firms with FSA authorisation.

The regulatory body wrote in its letter to Mr Lucas: "This failing, which is significant in the context of your suitability, leads the FSA to conclude that you are not conducting your business soundly and prudently and in compliance with proper standards."

In a recent development, the FSA issued Middlesex-based mortgage broker Oke Hassan with a final notice about a decision to cancel permission for him to continue with regulated activities.

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