The UK Financial Conduct Authority (FCA) has confirmed that it has refused the application by NWUS Ltd under section 55A of the Act for Part 4A permission to carry on certain regulated activities.

The company had applied for regulatory permission to conduct activities, such as limited permission debt adjusting and providing credit information services.

The FCA explains that it cannot ensure that NWUS will satisfy, and continue to satisfy, the threshold conditions set out in schedule 6 of the Act. Specifically, NWUS has not satisfied the Authority that it will conduct its business with integrity and in compliance with proper standards as required by threshold condition 2E (suitability).

This is principally based on NWUS’s connection with Mr Steven Bennett, who was previously a shareholder and director at NWUS and was named in the Application as its proposed candidate to perform the SMF29 Limited Scope function.

The information held by the Authority pertaining to Mr Bennett (namely, regarding his involvement in the management of two other firms, which appear to be connected to NWUS) raise concerns as to whether those who manage NWUS’ affairs have adequate skills and experience and will act with probity.

In light of the above, the FCA has refused the application.