FSA strips Scottish IFA of permissions

In a final notice, the FSA said Duncan Brown, based in Troon in Ayrshire, had not paid the money owed to the regulator despite repeated requests to do and, as a result, had failed to meet threshold conditions set by the FSA.

It said: "This failing, which is significant in the context of Duncan Brown's suitability, leads the FSA to conclude that Duncan Brown is not conducting its business soundly and prudently and in compliance with proper standards and that it is not a fit and proper person, and that Duncan Brown is therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which it has had Part IV permission."

A decision notice was issued to Duncan Brown on 12 January. The firm has not referred the matter to the Upper Tribunal (Tax and Chancery Division) leading to the FSA cancelling its Part IV permission.