FCA cancels permission of Albany Financial Consultants
The UK Financial Conduct Authority (FCA) has decided to cancel the Part 4A permission of Albany Financial Consultants Ltd.
The effect of the cancellation is that the firm no longer has permission to carry on any regulated activities.
AFC was authorised by the Authority on 9 December 2015 and given a Part 4A permission to conduct the following activities in relation to designated investments:
- advising on investments (except on Pension Transfers and Pension Opt Outs);
- arranging (bringing about) deals in investments; and
- making arrangements with a view to transactions in investments.
The firm is required to submit the Returns to the Authority by the relevant due date. However, AFC has failed to submit the Returns to the Authority. The Authority therefore considers that AFC has failed to provide information to the Authority as is required by the Handbook, namely the information it is required to provide in the Returns.
In August 2023, the Authority warned the firm that it considered that AFC is carrying on no regulated activity to which its Part 4A permission relates; and the Authority proposes to cancel AFC’s Part 4A permission on 31 August 2023 unless AFC takes the steps specified in the directions to the Further Notice.
AFC failed to take the steps specified in the Further Notice.
The FCA considers that AFC is carrying on no regulated activity to which its Part 4A permission relates. The Authority has therefore decided to cancel AFC’s Part 4A permission, effective August 31, 2023.