The U.K.’s Financial Services Authority (FSA), which regulates all of the country’s financial service providers, including the insurance industry, announced that it has ordered the closure of nine firms, including six in the insurance industry.
The FSA said it barred the “nine small firms from carrying out regulated business after they failed to provide any data to enable the regulator to monitor their activities. Firms supply this information in their compulsory Retail Mediation Activities Return (RMAR). This is the first time the regulator has taken enforcement action against intermediaries for non-submission of the RMAR.” The FSA’s bulletin said the closure orders “include six general insurance firms, two financial advisers and one mortgage firm.”
Jonathan Phelan, Head of Department, Enforcement Division, commented: “Regulatory reporting is essential to monitor firms effectively and to ensure fair and efficient markets. We give firms every chance to complete the RMAR on time and provide information, guidance and reminders of when the returns are due. Firms must take the submission of the RMAR seriously.”
The FSA identified the firms that have been stopped from doing regulated business as follows:
Ascot Cars (Hants) Limited, Hook, Hampshire
Baycover Performance Cars and Motorcycles Limited, Lowestoft, Suffolk
C V Southerden & Co, , Slough, Berkshire
Eurotec 97 Limited, Hayling Island, Hampshire
Daniel Weir trading as Kennedy Cars, Baillieston, Glasgow
Portmans Estate Agents Limited, Wembley, Middlesex
Thames Mortgage and Insurance Consultants, Teddington, Middlesex
Trudanna (Life and Pensions Consultants) Limited, London W1 and;
Simon Neil Limited, Manchester, Lancashire
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