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

'Slow start' expected for targeted support as rules go live

'Slow start' expected for targeted support as rules go live

Royal London one of the first to get FCA approval

Sophia Panayi
clock 07 April 2026 • 4 min read
Former financial adviser hit with FCA ban after pocketing £54,000 from 'vulnerable' client

Former financial adviser hit with FCA ban after pocketing £54,000 from 'vulnerable' client

Daniel Leon Williams banned from regulated activities after being sentenced in 2024

Sophia Panayi
clock 07 April 2026 • 1 min read
FOS award limits increase for next financial year

FOS award limits increase for next financial year

One type of complaint sees a £10,000 rise

Sophia Panayi
clock 01 April 2026 • 1 min read