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FCA closes 207 firms for admin failures and late fees

  • 18/08/2017
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FCA closes 207 firms for admin failures and late fees
The Financial Conduct Authority (FCA) cancelled the authorisations of 207 financial services firms in the 12 months to June.

The regulator’s Threshold Conditions Team (TCT) led the enforcement actions for firms which failed to pay FCA fees or submit returns and often ceased trading.

In its August update, the regulator said after referral, firms may still comply late and retain their authorisations.

To June, the regulator received 1,387 referrals about firms that failed to satisfy minimum standards, but 827 managed to retain their permissions with late action. Another 122 simply applied to cancel their permissions.


Repeat referrals

The FCA said: “Where firms are repeatedly referred to enforcement for failing to comply with basic requirements, enforcement will recommend that their permissions are cancelled even if the firms comply late.”

Earlier this month, the Upper Tribunal upheld the FCA’s decision to ban Charles Palmer, the former CEO of adviser firms Financial Limited and Investments Limited. The Tribunal also upheld the decision to fine Palmer £86,691.

The network operated nationally and, at its peak, in March 2011, consisted of 397 appointed representatives and 516 registered individuals.


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