The FSA has cancelled a London-based IFA’s permissions after he failed to notify the regulator of a change of address and therefore was not conducting his business in compliance with proper standards. The FSA sent a final notice to Omodeleola Kehinde Okenla, trading as M & D Property Services, claiming he was not “a fit and proper person” to conduct regulated activities. The regulator said Mr Okenla failed to satisfy the threshold conditions set out in the threshold conditions, specifically, that he failed to notify the FSA of a change in the address of his principal place of business. As a result the FSA has no current, valid contact information for Mr Okenla and therefore has no means of communicating with him.

The letter sent from the FSA’s enforcement and financial crime division stated: “These failures, which are significant in the context of your suitability, lead the FSA to conclude that you are not conducting your business soundly and prudently, and in compliance with proper standards, that you are not a fit and proper person, and that you are therefore failing to satisfy the threshold conditions in relation to the regulated activities for which you have part IV permission.”

read more

http://www.ftadviser.com/FTAdviser/Regulation/Regulators/FSA/News/article/20100210/40601b32-162a-11df-95c1-0015171400aa/London-adviser-struck-off-by-FSA.jsp