Financial tribunal judgement to stand

THE Irish Financial Services Appeals Tribunal, in its first judgement since its establishment, has upheld the decision of the Financial Regulator to refuse to grant Westraven Finance, which trades as Brinkspeed, an authorisation to trade as a money transmission business.

On March 29, the Financial Regulator refused to grant Westraven Finance operating from the retail centre, Naas Road, Newbridge, Co Kildare, an authorisation to trade as a money transmission business.

The reasons for the refusal to grant an authorisation were mainly grounded on the belief that Brinkspeed’s application had sought to mislead the Financial Regulator and that the firm’s anti-money laundering procedures were wholly inadequate.