Westminster Mortgages Limited (In Liquidation) Final Notice
15 June 2011 Page 4
/cont… EXTRACT FROM DECISION NOTICE ISSUED BY THE FINANCIAL SERVICES AUTHORITY TO WESTMINSTER MORTGAGES LIMITED ON 11 MAY 2011
FACTS AND MATTERS RELIED ON
Westminster was authorised by the FSA on 31 October 2004 to conduct mortgage mediation business, and on 16 August 2005 was also permitted to conduct general insurance mediation business.
Westminster has failed to pay fees and levies totalling £1,581.57 owed to the FSA, and to respond adequately to the FSA’s repeated requests that it do so. The FSA issued Westminster with a Warning Notice (in relation to its failure to pay the outstanding fees and levies) dated 20 January 2011.
Westminster became subject to a winding up order on 01 February 2011 and
compulsory liquidator to
The Official Receiver was appointed
handle Westminster’s compulsory liquidation.
went into office of
The FSA became aware of Westminster’s compulsory liquidation (and the winding-up order against it) on 18 March 2011 and invited the Official Receiver (as liquidator) to apply to cancel Westminster’s permission.
The Official Receiver (as liquidator) informed the FSA that the application to cancel Westminster’s permission could not be completed because Westminster’s director (Mr John Finlay Hall) had:
not surrendered to the proceedings; and
stated that he intended to apply for a rescission of the winding-up order.
Westminster’s winding-up order is still in force as at the date of this Decision Notice.
REPRESENTATIONS, FINDINGS AND CONCLUSIONS
Mr Hall made written representations to the FSA in response to the Warning Notice dated 20 January 2011.
Mr Hall stated that Westminster’s business had to be downsized as it had suffered due to a decline in and a constriction of the mortgage market.
Mr Hall asserted that Westminster:
no longer employs any staff; and
is run from a study in his home.