The FCA has halted regulated enterprise at ‘no shopper’ Mayfair-based monetary adviser Kingsbridge Capital Advisors Ltd (KCAL) over non cost of FCA charges.
KCAL appealed the matter to the Higher Tribunal on 28 December however on 18 Could withdrew its reference to the Tribunal by consent.
Because of the withdrawal of the attraction, the FCA has this week cancelled KCAL’s Half 4A permission, eradicating the agency’s proper to hold on regulated enterprise.
The FCA says the agency (FRN219941) did not pay membership charges on a number of events since 2019. The whole owed is £2,691.42.
In response, the agency mentioned that it doesn’t maintain any shopper property and presently has no purchasers. It supplied to pay the charges when new funding was discovered.
KCAL has been authorised by the FCA since 13 March 2003 and was permitted to conduct designated funding enterprise and MiFiD funding companies actions. It’s primarily based in workplaces in Berkeley Sq. in Mayfair, London W1.
In 2020 the agency was topic to a clone assault when scammers tried to repeat the agency’s web site to con buyers. The clone assault resulted in a warning to shoppers issued by the FCA.
In its Final Notice yesterday the FCA said: “On the basis of the facts and matters and conclusions described in the Warning Notice, and in the Decision Notice, it appears to the Authority that KCAL is failing to satisfy the Suitability Threshold Condition, in that the Authority is not satisfied that KCAL is a fit and proper person having regard to all the circumstances, including whether KCAL managed its business in such a way as to ensure that its affairs were conducted in a sound and prudent manner.”
The FCA mentioned that KCAL had did not pay the overdue steadiness by the related due dates and had not been “open and co-operative” in all its dealings with the authority.
The FCA mentioned KCAL failed to fulfill the Threshold Situations in relation to the regulated actions for which it has had a Half 4A permission.
In an earlier response to the FCA, KCAL mentioned it was not a regulatory danger and was near an funding settlement which might present new funding and permit it to pay the charges.
Kingsbridge has been requested for touch upon the FCA choice.