Categories:
FCA
Job Title: Senior Case Manager
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The firms failed to comply with “basic regulatory requirements”.
In the year leading up to June 2017, over 200 firms have their FCA authority taken away for basic compliance issues – everything from failing to pay their fees to not submitting their returns, it has been revealed.
For a financial services company to trade in regulated activities in the UK, they must be authorised by the Financial Conduct Authority, who holds them to account on everything from due-diligence actions, record keeping and marketing, through to negligent financial advice.
1387 FCA referrals
Over the same 12 months, the FCA threshold conditions team looked into another 1387 referrals of firms, of which 824 managed to keep their FCA authorisation by making changes to the way they operate. Another 122 firms applied to cancel their authorisation.
Tightening Up
The action taken by the FCA may be sweeter news for those who have become victims of the pension mis-selling scandal, where financial advisers mis-sold thousands of SIPPs filled with high-risk investments because they didn’t perform the correct due-diligence checks on the investments or their clients.
Knowing that the FCA is active and ready to take steps to curb non-compliance of the rules is welcome.
Tags: FCA Authorisation IFA