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FCA cancels adviser’s permissions over unpaid regulatory fees

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An advice firm has had its permissions removed after it failed to pay its fees to the FCA.

London-based Collins Ward Capital Management was invoiced for £2,441.53 last August to cover its regulatory fees for April 2016 to March 2017.

This was due for payment by September last year, but the money was never received despite repeated requests to settle the balance, the FCA says in a notice published yesterday evening.

Collins Ward has not decided to challenge the FCA’s decision at tribunal within the time allowed.

The regulator’s notice says: “[Collins Ward] has failed to pay the overdue balance and it has not been open and cooperative in all its dealings with the Authority, in that [it] has failed to respond to the Authority’s repeated requests for it to pay the overdue balance.

“[Collins Ward] has thereby failed to…satisfy the Authority that it is ready, willing and organised to comply with the requirements and standards under the regulatory system.”

Collins Ward had been trading since 2006, but has had its authorisation removed as of today.

The firm’s website says that director Christian Ward is a “passionate advocate of the importance of fee-based independent advice”.

Collins Ward offered financial planning services alongside investment management, tax and estate structuring.

The FCA has previously cancelled several other IFA firms’ permissions for failing to pay their regulatory fees, or for failing to submit their regulatory returns.

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Comments

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

  1. I said a number of years ago that the number of firms doing this would increase. It was (and still is) the easiest way to close down your business instead of jumping through all the regulatory hoops the FCA require if you want to do it right. The system in place is wrong and needs changed. This number will continue to rise, unless the Regulator makes it easy to leave in a proper way. I am convinced

  2. I do hope this is a case of…….. ease of just getting out …….. and not, crikey…. we cant fit any more skeletons in our cupboards lets get the hell out of Dodge !

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