FCA cancels broker's permission

The FCA has cancelled the licence of Welsh broker Coffin Insurance Services (CIS) after it failed to submit its retail remediation activities return [RMAR].

CIS failed to submit the information, which covers brokers’ charging structures and client numbers, profit and loss accounts and training and competence records, by its 13 June 2014 deadline.

The FCA said it was not satisfied that CIS is a fit and proper person and managed its affairs in a sound and prudent manner.

Imposing its cancellation the regulator said: “CIS has not been open and co-operative in all its dealings with the Authority, in that it has failed to respond adequately to the Authority’s repeated requests for it to submit the RMAR, and has thereby failed to comply with Principle 11 of the Authority’s Principles for Businesses and to satisfy the Authority that it is ready, willing and organised to comply with the requirements and standards under the regulatory system.

“These failures, which are significant in the context of CIS’s suitability, lead the Authority to conclude that CIS has failed to manage its business in such a way as to ensure that Its affairs are conducted in a sound and prudent manner, that It is not a fit and proper person, and that it is therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which CIS has had a permission.”