The Financial Conduct Authority (FCA) has cancelled an an advisory firm's permissions after it failed to submit its Retail Mediation Activities Return (RMAR) on time and did not hold adequate professional indemnity insurance (PII).
Liverpool-based Independent Asset Management UK (IAM) had also failed to pay its overdue fees and levies to the regulator, the FCA said.
The FCA had issued IAM with a first supervisory notice in June, which varied the firm's permissions by removing all regulated activities, after it alleged that the firm was "unable to demonstrate that it held adequate PII and therefore failed to satisfy the appropriate resources threshold condition".
However, the regulator found that the cancellation of IAM's permissions was also necessary because the company had not submitted its RMARs on time and because of its "failure to pay fees and levies owed to the authority".
"Specifically, IAM has repeatedly failed to submit RMARs promptly, and has also failed to submit the RMAR for the period ended 31 January 2013, and to respond adequately to the authority's repeated requests that it does so," the FCA said.
"These failures lead the authority to conclude that IAM 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, that its conduct has not met the requirements of Principle 11 (relations with regulators) and that it is therefore failing to satisfy the suitability threshold condition," it concluded.
IAM did not take the case to the tribunal within 28 days of receiving the FCA's decision notice in July.
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