The FSA has cancelled the permissions of Hemdale Financial Management for repeatedly failing to comply with regulatory requirements.
On April 16, 2009, the regulator issued a warning notice to Hemdale and then issued a decision notice on November 20, 2009, because the firm failed to meet its requirements.
Hemdale failed to pay fees owed to the FSA and was referred to the regulator’s enforcement and financial crime division on five separate occasions.
An FSA final notice states: “The FSA considers that Hemdale has not been open and co-operative in all its dealings with the FSA and has thereby failed to comply with Principle 11 (Relations with regulators) of the FSA’s Principles for Businesses, and to satisfy the FSA that it is ready willing and organised to comply with the requirements and standards of the regulatory system and its legal obligations.”
On 9 November 2010, a winding up petition was made against Hemdale and it was placed in liquidation.
Meanwhile, the FSA has also cancelled the permission of Intethic, which was set up by former Bestinvest employees Dominic Cummings and Jonathan Purle.