The regulator ruled Nineveh Advisory, which is described as a ‘designated investment business with advisory permissions’, was not managed properly and did not conduct itself in a “sound and prudent manner”.
It therefore failed to satisfy the FCA’s suitability threshold condition, the regulator said in a final notice published on 13 January.
The business was issued a warning notice on 5 November followed by a decision notice on 28 November and has not appealed the regulatory action.
The FCA alleged London-based Nineveh had failed to submit its balance sheet, income statement and capital adequacy returns.
It had not been open and co-operative in all its dealings with the regulator and was in breach of Principle 11 of the FCA’s Principles for Businesses, the FCA said.
“Nineveh has not demonstrated that it is ready, willing and organised to comply with the requirements and standards under the regulatory system,” it added.
According to the financial services register, Nineveh Advisory was first authorised in November 2010. It ceased authorisation on 13 January 2015. It was founded by a William Alan Mellor, who is now listed as inactive on the register.
