Motor Spot Ltd is banned from arranging customer finance

Time 12:06 pm, October 14, 2016

MIDDLESEX-based used car dealership Motor Spot Ltd has been stopped from arranging finance for customers. 

The Financial Conduct Authority has withdrawn consumer credit permissions from the independent business, which is in Uxbridge Road, saying that it didn’t comply with the legal obligation to submit a return.

In its notice, the FCA said: ‘MSL has not been open and co-operative in all its dealings with the authority, in that MSL has failed to respond adequately to the authority’s repeated requests for it to submit the return, and has thereby failed to comply with Principle 11 (of the FCA’s principles for businesses).’

The private limited company has a sole director and shareholder – 53-year-old Tasnim Qaisar – who was appointed to the role on November 4, 2013, the same day the business was incorporated, according to Companies House, which said that its last annual return was made up to November 4, 2015.

On February 9 this year, the Registrar of Companies gave notice that it intended to dissolve the company and strike it off the register after two months if cause was not shown to the contrary, but on March 16 – the day after Qaisar filed the above annual return – the Registrar announced that the striking-off action had been discontinued.

Picture: Google Street View

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John Bowman's avatar

John has been with Car Dealer since 2013 after spending 25 years in the newspaper industry as a reporter then a sub-editor/assistant chief sub-editor on regional and national titles. John is chief sub-editor in the editorial department, working on Car Dealer, as well as handling social media.

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