UK FCA cancels permission of Independently East to carry out regulated activities
The UK Financial Conduct Authority (FCA) has imposed restrictions on Independently East Ltd for failing to engage with the regulator in an open and cooperative way.
The actions mean that:
- the firm’s bank accounts are frozen;
- its permissions to carry out regulated activities have been cancelled, and
- it is unable to carry out any regulated activities.
This means that the firm is no longer permitted to provide advising on investments, advising on P2P agreements, arranging deals in investments, and making arrangements with a view to transactions in investments.
The FCA concerns with Independently East include whether it can be effectively supervised and holds appropriate resources. It has not provided the regulator with the information it requested about its clients, financial position, or a Financial Ombudsman Service award it was due to pay out.