Three West Midlands financial advisers are among 30 firms nationwide banned by the Financial Services Authority for failing to meet minimum requirements.
During the year to June, the regulator withdrew permission to carry on financial business from Alan Stuart Webb, trading as A & PW Consultants in Stratford-on-Avon; Stuart Watt, who traded as Solihull Financial Services, and John Henshall Financial Services in Telford, Shropshire.
The FSA gave no details of its reasons, saying only they could include lack of professional indemnity insurance, absence of adequate financial resources, and failure to cooperate with the FSA or pay fees, "a key element of a firm's co-operation".
Another 132 firms took corrective action to address failings.
The FSA said 63 addressed their failings when FSA supervisors threatened to refer them to its threshold conditions team, while 69 took action following a referral when facing imminent enforcement action.
Another three individuals were prohibited for not meeting the FSA's "fit and proper" requirements for financial services.
A spokeswoman said she was unable to say in what part of the country one of these had traded because they had only his home and prison addresses.
"The financial system relies on FSA-regulated firms, having the resources to meet obligations to customer," said Clive Briault, managing director of the FSA's retail markets business unit.
"We work with firms to help them keep to the required standards, but we take action when we find serious problems that could result in consumers losing out."
