The adviser had received invoices for £21,098 in June 2012 and £250 in early December 2012.
The regulator said: “IGL has failed to pay fees and levies totalling £21,348.36 owed to the authority, and to respond adequately to the authority’s repeated requests that it does so.
“These failures lead the authority to conclude that IGL has failed to manage its business in such a way as to ensure that its affairs are conducted in a sound and prudent manner, that it is not a fit and proper person, and that it is therefore failing to satisfy the threshold conditions in relation to the regulated activities for which IGL has had a permission.”
IGL was given a decision notice by the regulator in the beginning of June informing the adviser that its permissions would be cancelled, however the firm referred the notice to the Upper Tribunal’s tax and chancery chamber in the beginning of July.
A week later IGL decided to enter a creditors’ voluntary liquidation, for which it appointed Peter Dewey and David Hill of Begbies Traynor as its joint liquidators.
The adviser withdrew its reference shortly after, paving the way for the FCA to issue its final notice.
