Figures published today by the FSA have shown that the regulator maintained a tough stance towards small firms that failed to meet its minimum standards in 2006/07. The FSA has minimum requirements that all firms must fulfill in order to become and remain regulated.
The figures show that the FSA cancelled the permissions of 151 small firms in 2006/07.
The majority of small firms who failed to fulfill the threshold conditions did so for not submitting their Retail Mediation Activities Return (RMAR), part of the FSA's electronic reporting system.
Stephen Bland, director of small firms at the FSA, commented: "Ensuring that firms implement and maintain these conditions is a priority for us. While our main emphasis is on helping firms to correct problems where possible, we take appropriate action when firms fail to comply with the conditions."
