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FCA removes permissions for adviser and two firms over unpaid fees

Two advice firms and one individual adviser have lost their FCA permissions for failing to pay regulatory fees.

According to final notices from the FCA, Michelle Singlehurst, Hale Financial Services and Independent Portfolio Managers ceased to be authorised on 21 June.

Singlehurst failed to pay £2,523 comprising of regulatory fees and levies worth £2,023 and £500 in administrative fees.

Manchester-based Hale Financial Services owed the regulator £2,091 comprising of a £250 administration fee and regulatory levies of £1,841.

Independent Portfolio Managers, based in London, did not pay £1,660 made up of £1,410 in regulatory fees and a £250 administration charge.

In all of the notices the FCA says these individuals or companies failed to be co-operative in their dealings and did not respond to repeated requests to pay up.

It adds these businesses or individuals have failed to manage their affairs in a sound and prudent manner.

Therefore it has taken these actions against them.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 4th July 2018 at 5:18 pm

    Easier than going through all the rigmarole of surrendering their permissions.

  2. comments about bolting horses and stable doors comes to mind – IPM effectively stopped answering the phone or email 2 years ago – leaving a trail of unpaid creditors. Yet the company is still ‘trading’ according to duedil and the three directors seem to have recently become directors of new companies. So much for regulation!

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