Westminster Mortgages Limited (In Liquidation) Final Notice
15 June 2011 Page 2
Subsequent to the Warning Notice issued to Westminster on 20 January 2011, but prior to the issuing of the Decision Notice, on 1 February 2011 a winding up order was made against Westminster. The FSA was notified of Westminster’s compulsory liquidation on 18 March 2011. The FSA issued the Decision Notice to the Official Receiver in its capacity as Liquidator of Westminster. The FSA is satisfied that the reasons for action to cancel Westminster’s Part IV permission remain valid (see extract from the Decision Notice below).
The matter has not been referred to the Upper Tribunal (Tax and Chancery Division) within 28 days of the date on which the Decision Notice was issued. Accordingly, the FSA has today cancelled Westminster’s Part IV permission.
REASONS FOR ACTION
On the basis of the facts and matters and conclusions described in its Warning Notice dated 20 January 2011 (the “Warning Notice”), and in the Decision Notice (an extract from which is annexed to, and forms part of, this Final Notice), it appears to the FSA that Westminster is failing to satisfy the threshold conditions set out in Schedule 6 to the Act (the "Threshold Conditions").
This is because Westminster has failed to pay fees and levies of £1,581.57 owed to the FSA, and to respond adequately to the FSA’s repeated requests that it do so.
This failing, which is significant in the context of Westminster’s suitability, led the FSA to conclude that it is not conducting its business soundly and prudently and in compliance with proper standards and 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 Part IV permission.
The decision which gave rise to the obligation to give this Final Notice was made by
the Regulatory Decisions Committee.
This Final Notice is given to Westminster in accordance with section 390(1) of the
Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of information about the matter to which this Final Notice relates. Under those provisions, the FSA must publish such information about the matter to which this Final Notice relates as the FSA considers appropriate. The information may be published in such manner as the FSA considers appropriate. However, the FSA may not publish information if such publication would, in the opinion of the FSA, be unfair to Westminster or prejudicial to the interests of consumers.