In a final notice issued to Swindon-based Infinity Financial Solutions (IFSL), the regulator said it had cancelled the firm’s Part 4A permission under the Financial Services and Markets Act 2000.
This part of the act allows firms to carry out regulated activities, including carrying out work related to collective investment schemes and passporting rights.
Anna Couzens, who works in the enforcement and market oversight division at the FCA, said the regulator made repeated requests to IFSL to submit its regulatory returns, but no adequate response was given by the firm.
“It appears to the Authority that IFSL is failing to satisfy the suitability Threshold Condition, in that the Authority is not satisfied that IFSL is a fit and proper person having regard to all the circumstances, including whether IFSL managed its business in such a way as to ensure that its affairs were conducted in a sound and prudent manner,” Couzens said.
She said the failures have led the FCA to conclude that IFSL has not been open and cooperative with the authority.
“These failures, which are significant in the context of IFSL’s suitability, lead the Authority to conclude that IFSL has failed to manage its business in such a way as to ensure that its affairs are conducted in a sound and prudent manner, that it is not a fit and proper person, and that it is therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which it was granted a Part 4A permission,” Couzins said.
