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FCA cancels permissions for three advice firms

FCA officeThe regulator has cancelled the 4A permissions of three advice firms who failed to pay expected fees and levies.

In separate final notices, the FCA found Stockport-based Thinking: Health & Income, Tetbury-based Paul Hammond trading as Asset Trust Group, and London firm Armstrong Investment Managers failed to meet suitability threshold conditions.

The regulator says all three advice firms did not manage their businesses in “such a way as to ensure that affairs were conducted in a sound and prudent manner”.

According to the FCA, THIL was not “open and cooperative” in its dealings, failing to respond to multiple requests to pay an overdue balance of £1,235.23 in periodic fees.

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Hammond also owed money to the regulator and was described as “uncooperative” in his dealings with the FCA. The investment adviser owed fees and levies of £1,265.39 and administration fees amounting to £500.

Armstrong Investment Managers also had an overdue balance of £3,022.11 along with an administration invoice fee of £250 for a regulatory return, which had been due for payment in March 2017.

The Mayfair firm also had another two administration fees totalling £500 on a £2,272.11 levy it had been due to pay in September 2017, as well as one due last July.

The regulator concludes it “is therefore failing to satisfy the threshold conditions in relation to the regulated activities for which it was granted a Part 4A permission”.

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. Just goes to show the whole regulatory system has failed, is failing and will continue to fail !

    We and our clients just get hit time and time again, for ever increasing fees (which go unchecked and it seems with no ceiling)ever increasing levies (the good paying for the bad)

  2. Or, to put it another way, the FCA’s stance is Pay up or pack up. The choice is clear.

  3. It’s a variation of a protection racket perfected by Al Capone, you pay or you lose your livelihood.

  4. Now watch them appear as St James Place partners!

  5. Jonathan Willis 9th August 2018 at 6:50 pm

    Fees, fees, fees, regulation, regulation, regulation, software costs too to meet research requirements and keep compliance records and produce the endless required reports and now a massive uplift in PI costs.

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