Westminster Mortgages Limited (In Liquidation) Final Notice
15 June 2011 Page 5
Mr Hall accepted full responsibility for Westminster’s failure to pay fees and levies totalling £1,581.57 owed to the FSA and stated that he would personally pay the outstanding fees and levies within 7 days of the date of the written representations (by 24 March 2011).
Mr Hall later stated that he had not personally paid the outstanding fees and levies totalling £1,581.57 because Westminster has sufficient funds in its bank accounts to settle the outstanding fees and levies due to the FSA. Mr Hall asserted that he was attempting to get the winding-up order against Westminster rescinded and have Westminster’s bank accounts released to enable it to pay the outstanding fees and levies.
The FSA finds that Westminster’s failure to pay fees and levies totalling £1,581.57 owed to the FSA is due to its financial circumstances rather than a deliberate attempt to avoid payment.
The FSA notes that it had indicated it would discontinue the statutory notice procedure if Westminster’s outstanding fees and levies were paid as Mr Hall stated in his written representations.
However, Mr Hall’s self–imposed deadline to personally pay Westminster’s outstanding fees and levies has now expired and the outstanding fees and levies remain unpaid.
Accordingly, the FSA finds that there is no basis on which the FSA can continue to suspend the statutory notice procedure.
The facts and matters described above lead the FSA, having regard to its regulatory objectives, which include market confidence and the protection of consumers, to the following conclusions:
Westminster has failed to respond adequately to the FSA’s repeated requests for it to pay outstanding fees and levies owed to the FSA;
Westminster has therefore failed to comply with Principle 11 and has failed to satisfy the FSA that it is ready, willing and organised to comply with the requirements and standards under the regulatory system and its legal obligations;
Westminster has failed to levies owed to the FSA;