The Financial Conduct Authority (FCA) has cancelled the permissions of protection and mortgage advice firm Ozen Financial Services Ltd (OFSL) from 9 June.
As a result, “OFSL no longer has permission to conduct any regulated activities,” the FCA said.
The North London-based advice firm had failed to pay periodic fees and levies, the FCA said, including an invoice for £2,234.23 in September 2021 and another invoice for £1,840.31 in September 2022.
To compound matters, OFSL had also failed to submit a number of required returns to the FCA.
The company, which has been a member of the Turkish British Chamber of Commerce and Industry (TBCCI) and National Association of Commercial Finance Brokers (NACFB), was involved in residential, buy-to-let and mortgage advice as well as general insurance and pure protection products and debt management.
OFSL was warned by the FCA in March that it appeared it was not carrying out regulated activities and that action would be taken if it did not respond to the notice. But the firm did not take the steps specified by the FCA.
OFSL does not have a right to refer this Notice of Decision to the Tribunal, the FCA said.
Health & Protection made several attempts to reach OFSL for comment, but had not received a reply by the time of publication.
According to the firm’s website, OFSL founder Erman Ozen joined the financial services industry after completing his master’s degree in international business economics at City University London in February 2007.
Prior to that he earned his first degree from Istanbul University in economics.
Ozen set up his company in 2009 as a sole trader and a mortgage and protection adviser, becoming a limited company in 2011.