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FSA cancels permissions after firm failed to conduct report

The FSA has cancelled the permissions of London investment adviser Omagis Capital for failing to be open and honest in its dealings with the regulator.

The FSA says Omagis breached its rules because it failed to pay a skilled person to conduct a 166 skilled person report, resulting in the review not being undertaken.

The regulator also says the firm failed to provide information despite repeated requests.

FSA head of retail enforcement Tom Spender says: “Skilled persons reports are vital to identify when and where consumer detriment has occurred and the level and extent of redress that might be due. By failing to work with the skilled person and the FSA in an open and co-operative way, Omagis stood in the way of that process.”

The FSA’s first supervisory notice stopped Omagis from conducting regulated activities on February 3.

When a second supervisory notice was issued on April 19, the regulator decided not to rescind the variation of the investment adviser’s permission affected by the first notice.

Omagis’ permissions were finally cancelled on June 17, after failing to refer the decision notice to the upper tribunal within 28 days of receiving it.

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