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Regulatory ban upheld at tribunal
6 February, 2008
The Financial Services Authority's (FSA's) decision to ban a Luton broker and cancel the firm's Part IV permission has been upheld at an FSMT tribunal.
The Financial Services and Markets Tribunal had been examining FSA action taken in 2007 against Norman McIntosh and LA Mortgage Services (LAMS).
The regulator issued the ban on the grounds that McIntosh was not 'a fit and proper person' after acting dishonestly towards clients.
Furthermore he failed to be open and honest with the Financial Intermediaries, Managers and Brokers Regulatory Association (FIMBRA) in 1995 and 1996, resulting in the suspension and eventual termination of his membership - something which he failed to disclose to the FSA.
The FSA also revealed that he signed a Land Registry form TR1 which transfers legal title to a property, purportedly as a witness despite not being in the presence of the signatories when the document was signed.
McIntosh has now been issued with a final notice confirming the revocation of his approval, with a further final notice sent to LAMS confirming the cancellation of its Part IV permission.