The FCA mentioned it had cancelled the agency’s permissions as a result of the Weymouth agency was at present carrying on no regulated exercise to which the agency’s Half 4A permission relates.
Half 4A permission permits companies to hold out regulated enterprise.
The cancellation took impact on 9 February and means the recommendation agency not has permission to hold on any regulated actions.
In October the FCA mentioned it appeared KBFS had did not pay the redress awarded by the FOS in relation to unsuitable pension-transfer recommendation given to 5 purchasers with a defined-benefit occupational pension scheme with British Metal.
The regulator mentioned the agency failed to interact with it in an open and cooperative means. It mentioned KBFS didn’t present the FCA with data requested about its monetary place and Monetary Ombudsman Service awards it was on account of pay out. Because of this it took motion.
The FCA mentioned: “On 23 October 2023, we imposed a lot of restrictions on KBFS Monetary Restricted, stopping it from carrying on any regulated actions and proscribing entry to its belongings.”
The agency was authorised by the FCA on 1 July 2019 and had a Half 4A permission to advise on investments, P2P agreements and pension transfers and pension choose outs.
The FCA mentioned KBFS additionally, “did not pay periodic charges and levies owed to the authority as required beneath the handbook.”
The agency was warned on 20 December that its Half 4A permission could be cancelled until it responded to the FCA’s discover. It failed to reply so on 12 January the FCA gave it discover that its permission could be cancelled on 9 February.
In accordance with Corporations Home the administrators of the agency had been Nicholas Brown, 63, Kathryn Brown, 60, and Michael Brown, 33, of Weymouth.
The administrators utilized for the corporate to be struck off the register in August 2023 however the software was suspended on 9 September, “as an objection has been acquired by the Registrar”, in line with Corporations Home information.