The regulator said EPLS Risk Solutions failed to submit its February RMAR despite repeated demands

The FCA has cancelled the permission of East London-based broker EPLS Risk Solutions, formerly Glen Insurance Consultants, to operate aas a broker.

The regulator said it was not satisfied that EPLS was “fit and proper” to manage its business in a way that ensured that it affairs would be conducted in a “sound and prudent” manner.

It says EPLS broke the regulator’s rules by failing to submit its retail mediation activities return (RMAR) for the months leading up to February 2014, despite repeated demands from the regulator.

The RMAR gathers information on payment methods used by authorised firms, as well as details about client numbers, profit and loss account and training.

In a statement, the FCA said: “EPLS has not been open and co-operative in all its dealings with the authority.

“These failures, which are significant in the context of EPLS’ suitability, lead the authority to conclude that EPLS 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 it has had a permission.”

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