An unusual Final Notice appeared on the FSA website in respect of NFS Yorkshire Ltd. The firm has had its Part IV permission cancelled by the FSA for failing to meet the Threshold Conditions: it did not notify the FSA of a change in the address of its principal place of business.
On the face of it this seems an unduly harsh punishment for a small misdemeanor, although the wordage in para 2.3 of the Notice suggests that there may be more to this story.
However the Notice is a useful reminder to firms to keep the FSA up to date with events and changes in basic data. SUP 15.3 contains useful guidance on matters which the FSA would expect to be notified about (SUP 15.5.4R(1) covers the matter of a change to firm’s principal place of business).
In addition, a firm is required to check the accuracy of its standing data within 30 business days of its accounting reference date – see SUP 16.10.4R. The FSA has provided a form for advising it of standing data changes as per the link below.
