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FSA rules Essex finance firm not 'soundly and properly' operated

Published on 9 Mar 2010 under category: legal

An Essex-based financial advice firm has seen its Financial Services Authority (FSA) permissions cancelled after failing to pay its fees and fines.

Coming on the back of repeated letters to People Loans, which is registered in Frinton-on-Sea, the FSA has confirmed that the company has repeatedly failed to satisfy its terms and conditions.

Specifically, the company has failed to pay the fees it owed the regulator, while the FSA's enforcement and financial crime division’s John Kirby informed the registered owner Adam John Lucas that he was not conducting his business "soundly and prudently and in compliance with the proper standards".

Furthermore, taking away its trading permissions, the FSA noted that the individual was not a "fit and proper person", and as such the company could not be permitted to carry on operating in its former capacity.

This comes soon after the FSA fined a Gloucestershire-based independent financial advisor for management failings and for putting customers at risk by giving them poor pension switching advice.

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