Compliance

FCA Strips UK Wealth Manager Of Permissions

Amisha Mehta, Assistant Editor, London, 20 April 2016

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The UK's financial watchdog has served a final notice to a wealth manager over regulatory failures.

The Financial Conduct Authority has cancelled M I Wealth's investment permissions after the Stoke-on-Trent, Staffordshire-based company failed to comply with the regulatory requirement to submit its Retail Mediation Activities Return. 

The regulator said in its final notice that it was not satisfied that M I Wealth was “fit and proper” and that it had not been open and co-operative in all its dealings with the authority. It failed to respond adequately to repeated requests to submit the RMAR, the FCA said.

“These failures, which are significant in the context of M I Wealth’s suitability, lead the Authority to conclude that M I Wealth has failed to manage its business in such a way as to ensure that its affairs are conducted in a sound and prudent manner...and that it is therefore failing to satisfy the threshold conditions in relation to the regulated activities for which M I Wealth has had a permission,” said John Kirby of the FCA's enforcement and market oversight division.

The FCA issued a warning notice to the company on 14 January 2016.

M I Wealth's financial planning services cover areas such as trusts, inheritance matters and tax-efficient investments, according to its website. This publication is awaiting a response from the company on the FCA's action.

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