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FCA cancels three advice firms’ permissions over unpaid fees

Three investment advice firms have had their permissions cancelled by the FCA for failing to pay their regulatory fees

Nottingham based Logic Financial Solutions was due to pay the FCA £6,316.30 by last September to cover its regulatory fees and levies for the year to March 2017.

The FCA sent a warning notice to the firm in March, but it ignored the letter. The FCA issued its final decision to the firm the following month. Logic has not attempted to appeal the decision within the 28-day time limit.

The final notice reads: “[Logic] has failed to pay the overdue balance and it has not been open and cooperative in all its dealings with the authority, in that [Logic] has failed to respond to the authority’s repeated requests for it to pay the overdue balance, and 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.”

Logic also had mortgage advice and consumer credit permissions. Sole Logic director Richard Whitehead was previously an appointed representative of Tenet’s mortgage advice network Tenet Lime.

In two other final notices issued today, London based investment advice and trading firms Mueller Precious Metal Trading and KJ Precious Metal Trading also had their permissions cancelled by the regulator.

Both firms owed the regulator just £655.05 for their regulatory fees and levies for the year to March 2016.

Both firms did not respond to repeated requests for payment, the FCA says.

The firms shared an address and two of the same directors.

In the most recent Companies House accounts for the firms, they made losses of £345,186 and £508,580 respectively.

The trio of cancellations are the latest the FCA has made this year over dealings with the regulator.

London-based Collins Ward Capital Management also failed to pay its fees and was struck off in April, while Derbyshire-based IFA David Stanley Mather failed to submit his regulatory return so had his permissions removed in February.


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