FSA takes action against London mortgage broker for lack of openness and co-operation with the regulator
12th January 2010The Financial Services Authority (FSA) has removed the approval of London-based mortgage broker Olayinka Oladipupo for not being fit and proper to run an authorised firm. The permission of Trinity Network Services Limited (Trinity), where Oladipupo was sole principal and controller, has also been cancelled.
In November and December 2008, during an FSA investigation into his conduct, Oladipupo failed to attend a compulsory interview and provide the FSA with requested documents and information. As a result of his failure to deal with the FSA in an open and co-operative way, the FSA deemed that Oladipupo was not fit and proper to hold a regulated position, and therefore removed his approval.
The FSA also cancelled Trinity's permission for not having competent and prudent management - as a result of Oladipupo's approval being withdrawn - for having an unfit controller in Oladipupo and for failing to maintain an open relationship with the regulator.
Tom Spender, FSA head of retail enforcement, said:
"Approved persons and authorised firms must deal with the FSA in an open and co-operative way. Failure to comply with a request for information or to attend an FSA interview is unacceptable, especially when we are seeking to look into issues of potential concern. We will not tolerate such behaviour and will take tough action to remove the approval and authorisation of individuals and firms who attempt to prevent us from doing our job."
Trinity Network Services Limited was authorised by the FSA to advise on and sell regulated mortgage contracts.
