FCA cancels permission of Matrix Investments
The UK Financial Conduct Authority (FCA) has cancelled the Part 4A permission of Matrix Investments.
It appears to the FCA that Matrix Investments is failing to satisfy the suitability Threshold Condition, in that the Authority is not satisfied that Matrix Investments is a fit and proper person having regard to all the circumstances, including whether Matrix Investments managed its business in such a way as to ensure that its affairs were conducted in a sound and prudent manner.
Matrix Investments has failed to pay the Overdue Balance and it has not been open and co-operative in all its dealings with the Authority, in that Matrix Investments has failed to respond to the Authority’s repeated requests for it to pay the Overdue Balance, and has thereby failed to comply with Principle 11 of the Principles and to satisfy the Authority that it is ready, willing and organised to comply with the requirements and standards of the regulatory system.
These failings, which are significant in the context of Matrix Investments’ suitability, led the FCA to conclude that Matrix Investments 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 has had a Part 4A permission.
Matrix Investments has not referred the matter to the Tribunal within 28 days of the date on which the Decision Notice was given to it.
Accordingly, the Authority has cancelled Matrix Investments’ Part 4A permission.