FCA cancels firm's permissions after failure to pay fees

A London-based advice firm has had its permissions cancelled by the Financial Conduct Authority after failing to pay regulatory fees and levies.

The FCA has cancelled Ozen Financial Services Limited’s permissions after it did not pay two invoices of more than £4,000 between September 2021 and September 2022, according to a decision notice released last week (June 9).

The firm was previously regulated for investment advice (but not pension transfers and opt outs), advising on P2P agreements, regulated mortgage contracts, arranging deals in investments and regulated mortgage contracts, credit-broking and debt-counselling. 

It failed to pay an invoice dated September 15 2021 for £2,234.23 which was due to be paid on December 14 that year, and then did not pay an invoice dated August 23 2022 for £1,840.31 which was due by September 22 the same year.

The advice firm also failed to submit a number of returns to the regulator. 

In March this year, the FCA gave Ozen notice that it would cancel its permissions unless it responded to the notice, which it did not, so the FCA said it considers the firm is carrying on no regulated activity to which its permissions relate.

The firm’s permissions were therefore cancelled by the FCA on June 9 this year.

Ozen does not have the right to refer the decision to a tribunal.

In a similar case last week, the Financial Conduct Authority removed another firm's permissions after it failed to pay its regulatory fees.

Kingsbridge Capital Advisors Limited (KCAL) had its regulatory permissions cancelled at the end of last month (May 25).

The company owed the regulator £2,691 for regulatory and administrative fees accrued across seven invoices between March 2019 and Match 2020, which were eventually paid in March this year.

sally.hickey@ft.com