Firm's permissions cancelled over PII and RMAR shortcomings

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 b...