A firm connected to the failed life settlement firm Catalyst Investment Group has had its permissions cancelled by the FCA to failing to pay regulatory fees.
In October the FCA censured Catalyst Investment Group for misleading investors when promoting bonds issued by Luxembourg-based life settlement vehicle ARM Asset Backed Securities. The Financial Services Compensation Scheme has declared the firm in default, triggering a £30m interim levy on investment advisers which has been delayed to the 2014/15 financial year.
In December, the FCA removed the permission of fund management firm Catalyst Fund Management to offer advice, for having no qualified advisers.
The regulator says this is a separate firm to Catalyst Investment Group. The two firms are based at the same address and both list Timothy Roberts as a director. Roberts is also a director at ARM.
Today the FCA has published a final notice for Catalyst Fund Management, which cancels its remaining permissions for owing £1,910 in unpaid regulatory fees and levies.
The notice says the firm has failed to respond to the regulator’s repeated requests to pay the sum, and is therefore failing to satisfy the threshold conditions for its permissions and to conduct its affairs in a sound and prudent manner.