FCA cancels Tusk Capital Management’s permission to carry on regulated activities
The UK Financial Conduct Authority (FCA) has decided to cancel Tusk Capital Management Limited’s Part 4A permission.
The effect of the cancellation is that Tusk Capital Management Limited no longer has permission to carry on any regulated activities.
The firm was authorised by the Authority on 24 February 2005 and given a Part 4A permission to conduct the following regulated activities:
- a) advising on investments (except on pension transfers and pension opt outs);
- b) advising on P2P agreements;
- c) agreeing to carry on a regulated activity;
- d) arranging (bringing about) deals in investments;
- e) dealing in investments as agent;
- f) making arrangements with a view to transactions in investments; and
- g) managing investments.
The firm is required to submit the Returns to the Authority by the relevant due date. However, TCML has failed to submit the Returns to the FCA. The Authority therefore considers that TCML 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.
On 7 September 2023, the FCA gave TCML a notice which stated that:
- a) the Authority considered that TCML is carrying on no regulated activity to which its Part 4A permission relates; and
- b) the Authority proposes to cancel TCML’s Part 4A permission on 29 September 2023 unless TCML takes the steps specified in the directions to the Notice.
The firm failed to take the steps specified in the notice.
The FCA considers that TCML is carrying on no regulated activity to which its Part 4A permission relates. The Authority has therefore decided to cancel TCML’s Part 4A permission, effective September 29, 2023.