The Financial Services Authority )FSA) has banned Quintillion Asset Management from conducting regulated business, after failing to pay fees and levies of over £8,000.
Despite a warning notice on 29 February, the company still had outstanding debts to the regulator of £8,407.02, despite "repeated requests" to pay.
"This failing, which is significant in the context of Quintillion's suitability, led the FSA to conclude that Quintillion had not conducted its business soundly and prudently and in compliance with proper standards and that it is not a fit and proper person," the judgement, published yesterday, read.
Last week, the company was presented with a wind-up notice by creditor Aviva, according to a petition filed in the London Gazette.
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