Financial Conduct Authority

Tech investment contributes to £44.8m deficit while fee income increases

Thomas Kalaris was cleared of fraud charges in 2020

FCA probe welcomed by industry

Regulator has laid out a broad remit for investigation

Thomas Llewellyn Kalaris deemed ‘not fit to be a senior manager’

The FCA and its Consumer Duty cited as sources of frustration

Advice firm declared in default after first claim was upheld

Says regulator neglected to act on claims of potential fraud for more than two years

Comes as the regulator builds on its footprint in the city

Asset management firm to stop operating regulated UK business