The Financial Conduct Authority (FCA) has cancelled the permissions of Somerset-based IFA firm Churchill Securities after it failed to co-operate with the regulator.
The FCA said it had asked Churchill for information on its trading status but the firm had failed to respond. This led the regulator to believe that Churchill failed to satisfy the required conditions in relation to regualted activities. The FCA said: "The authority is not satisfied that Churchill is a fit and proper person having regard to all the circumstances, including whether Churchill managed its business in such a way as to ensure that its affairs are conducted in a sound and prudent manner." A decision notice was issued to Churchill on 20 June, however the firm did not appeal...
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