The Financial Conduct Authority has cancelled the advice permissions of a discretionary fund manager (DFM) after it failed to pay fines totalling £2,000 for missing its regulatory returns.
Analyst Investment Management (AIMP) was fined a total of £2,000 over the course of ten months but did not pay up or respond to any of the FCA's attempts to make contact. The London-based firm was sent eight invoices of £250, on five different occasions between March 2015 and February this year for not submitting its returns. The FCA decided the firm was "not fit and proper" and cancelled its permissions in a final notice published on 9 August. This was not the first time the regulator used its power to revoke a firm's authorisation for failing to submit a regulatory return or pay ...
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