FSA cancel’s intermediary’s permissions

FSA cancel’s intermediary’s permissions

Financial Services Authority

Simon Wood, trading as Wood Associates Independent Financial Services, has had his Part IV Permissions cancelled by the FSA.

Wood was trading at 1st Floor, 33 Mount Ephraim, Tunbridge Wells, Kent TN4 8AA.

The regulator said it made the decision because Wood failed to comply with the regulatory requirement to submit his Retail Mediation Activities Return for the period ended 31 December 2011.

Wood has not been open and co-operative in all of his dealings with the FSA, in that he has failed to respond to the FSA’s repeated requests for him to submit the RMAR, and has thereby failed to comply with Principle 11 of the FSA’s Principles for Businesses and to satisfy the FSA that he is ready, willing and organised to comply with the requirements and standards under the regulatory system.

These failures lead the FSA to conclude that Mr Wood is not conducting his business soundly and prudently and in compliance with proper standards, that he is not a fit and proper person, and that he is therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which he has had Part IV permission.