FCA removes firm's permissions over late fees

The Financial Conduct Authority has removed a firm's permission to carry out regulated activities after it failed to pay its regulatory fees.

Kingsbridge Capital Advisors Limited (KCAL) had its regulatory permissions cancelled last week (May 25), according to the FCA.

The company owes 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.

The FCA said KCAL is failing to satisfy the suitability threshold condition, and it is not satisfied that the company is fit and proper and is not managing its business in a sound and prudent manner.

The regulator added that the firm has not been open and co-operative in its dealings with the FCA, failing to respond adequately to the watchdog’s “repeated requests” for it to pay the overdue balance, thereby failing to satisfy the FCA that it is ready, willing and organised to comply with the requirements and standards of the regulatory system.

“These failings, which are significant in the context of KCAL’s suitability, lead the FCA to conclude that KCAL has failed to manage its business in such a way as to ensure that its affairs are conducted in a sound and prudent manner, that it is not a fit and proper person, and that it is therefore failing to satisfy the threshold conditions in relation to the regulated activities for which it has had a permission,” the FCA said.

The company was registered with the regulator in October 2002, and in 2021 had one employee and total assets of £859,673.

In July 2020 the FCA warned that a clone firm was using KCAL's name to appear regulated, and warned customers to ensure they were dealing with the correct firm.

sally.hickey@ft.com