Regulator says broker has failed to be open and co-operative.
The Financial Conduct Authority (FCA) has cancelled AAA Insurance’s permissions to carry on regulatory services.
The regulator stated that the broker has failed to comply with the regulatory requirement to submit its Retail Mediation Activities Return (RMAR) for the period ended 31 January 2015.
The RMAR was due to be submitted by 13 March 2015.
According to the FCA, the Ilford-based broker was issued a warning notice on 28 July and a decision notice on 17 August and failed to refer to the matter within 28 days.
The regulator further noted that the broker had not been “open and co-operative in all its dealings with the Authority” and that it had “failed to respond adequately” to the FCA’s requests.
The broker’s specialisms included buildings and contents insurance, landlords insurance, building property insurance, travel insurance and taxi insurance.
The FCA stated: “These failures, which are significant in the context of AAAIL’s suitability, lead the Authority to conclude that AAAIL has failed to manage its business in such a way as to ensure that its affairs are conducted in a sound and prudent manner, that it is not a fit and proper person, and that it is therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which AAAIL has had a Part 4A permission.”