FCA cancels adviser’s permissions over unpaid regulatory fees


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.