London based dealer Motor Spot Limited (MSL) has had its interim permission cancelled by the Financial Conduct Authority (FCA) after it repeatedly failed to respond to requests.
Explaining why it had taken the action, the FCA said the dealer had failed to comply with some regulatory requirements.
MSL had not been open and co-operative in all its dealings with the FCA, the regulator wrote. It added that MSL had failed to respond adequately to its repeated requests for it to submit its CCROO7 (Key data), which is required for a limited permission.
MSL was originally due to submit this by 14 January 2016.
Principle 11 of the FCA’s Principles for Business, states that firms must deal with its regulators in an open and cooperative way, which the FCA concluded MSL had not been.
As a result, the FCA wrote: “These failures, which are significant in the context of MSL’s suitability, lead the Authority to conclude that MSL 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 MSL has had a permission.”
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The FCA said it had originally notified MSL of its decision to cancel its permission, and that MSL had not referred the matter to tribunal within 28 days. Therefore the FCA said it had cancelled MSL’s interim permission as of 12 October.