FSA bans Carlisle firm for outstanding fees

clock

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.

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

'Danger' for advisers who think poor conduct is not relevant to them

'Danger' for advisers who think poor conduct is not relevant to them

‘You cannot rely on people deciding what to do in the moment’

Hope Coumbe
clock 28 March 2024 • 1 min read
Advisers on 'dangerous ground' if they take tick-box regulation approach

Advisers on 'dangerous ground' if they take tick-box regulation approach

‘They should embrace the spirit in which the regulation has been created’

Isabel Baxter
clock 27 March 2024 • 1 min read
FCA enforcement to become 'assertive, proactive and intrusive'

FCA enforcement to become 'assertive, proactive and intrusive'

‘You can expect the regulator to take robust action where needed’

Isabel Baxter
clock 29 February 2024 • 2 min read