The UK's Financial Conduct Authority (FCA) has imposed restrictions on advice firm Wellington Court Financial Services for failing to apply for full authorisation.
In a decision notice published Friday (6 October), the regulator cancelled the Devon-based firm's temporary 4A permission, which means it is no longer has permission to carry out any regulated activities.
On 28 May 2021, the FCA directed that if Wellington Court Financial Services intended to apply for full Part 4A permission, it must do so between 1 October 2021 to 31 December 2021, but the firm failed to apply during that period.
The firm - which was incorporated in Ireland - also failed to apply to cancel its temporary Part 4A permission so the watchdog has taken action to do so.
In May this year, the Financial Services Compensation Scheme investigated Wellington Court for continuing to carry out certain regulated activities despite being failed. The firm closed its UK establishment in Devon on 31 December 2021.
The FCA granted Wellington Court permission to carry out certain regulated activities including advising on investments and pension transfers on 19 December 2016, before which it could carry out insurance mediation and insurance distribution activities.
On 13 October 2020, the FCA restricted the firm from disposing of its assets and client base without its written consent, in addition to ceasing pension transfer advise, according to the FCA register.
