Credit Broker Loses FCA Authorization For SMCR Failings

Law360, London (December 22, 2020, 12:51 PM GMT) -- The Financial Conduct Authority said Tuesday that it has canceled a credit broker's authorization to offer financial products to consumers after the company failed to appoint a senior manager to ensure that it is following the regulator's rules.

The City watchdog said that it has removed permission to carry out regulated activities from G&M Supplies (Cumbria) Ltd. because it has not appointed a "fit and proper" person, a requirement of the Senior Manager and Certification Regime, which was broadened a year ago.

The regime holds the top managers at finance companies liable for a fine or ban if their employees commit...

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