The FCA has halted regulated enterprise at ‘no shopper’ Mayfair-based monetary adviser Kingsbridge Capital Advisors Ltd (KCAL) over non fee of FCA charges.
KCAL appealed the matter to the Higher Tribunal on 28 December however on 18 Might withdrew its reference to the Tribunal by consent.
Because of the withdrawal of the enchantment, the FCA has this week cancelled KCAL’s Half 4A permission, eradicating the agency’s proper to hold on regulated enterprise.
The FCA says the agency (FRN219941) didn’t pay membership charges on a number of events since 2019. The whole owed is £2,691.42.
In response, the agency mentioned that it doesn’t maintain any shopper property and at present has no purchasers. It provided to pay the charges when new funding was discovered.
KCAL has been authorised by the FCA since 13 March 2003 and was permitted to conduct designated funding enterprise and MiFiD funding companies actions. It’s primarily based in workplaces in Berkeley Sq. in Mayfair, London W1.
In 2020 the agency was topic to a clone assault when scammers tried to repeat the agency’s web site to con buyers. The clone assault resulted in a warning to shoppers issued by the FCA.
The FCA mentioned that KCAL had didn’t pay the overdue stability by the related due dates and had not been “open and co-operative” in all its dealings with the authority.
The FCA mentioned KCAL failed to fulfill the Threshold Situations in relation to the regulated actions for which it has had a Half 4A permission.
In an earlier response to the FCA, KCAL mentioned it was not a regulatory threat and was near an funding settlement which might present new funding and permit it to pay the charges.
Kingsbridge has been requested for touch upon the FCA determination.
