The FCA has moved to provisionally halt regulated enterprise at Mayfair-based monetary adviser Kingsbridge Capital Advisors Ltd (KCAL) over alleged non cost of FCA charges.
The choice has been appealed by the agency to the Higher Tribunal which can resolve if the the suspension ought to go forward.
The FCA says the agency (FRN219941) has did not pay membership charges on a number of events since 2019. The overall allegedly owed is £2,691.42.
In response the agency has identified that it doesn’t maintain any shopper belongings and at present has no purchasers. It has supplied to pay the charges when and if new funding is sourced.
In line with an FCA Choice Discover this week, the regulator has provisionally cancelled Kingsbridge’s Half 4A permissions which cowl its skill to hold on regulated actions. The Choice Discover dates from November however has solely now been printed by the FCA.
KCAL has been authorised by the FCA since 13 March 2003 and is permitted to conduct designated funding enterprise and MiFiD funding providers actions. It’s primarily based in workplaces in Berkeley Sq. in Mayfair, London W1.
In 2020 the agency was topic to a clone assault in 2020 when scammers tried to repeat the agency’s web site to con traders. The clone assault resulted in a warning to shoppers issued by the FCA.
The FCA’s Choice Discover on the agency’s non-payment of charges printed this week stated: “(KCAL) has failed to reply appropriately to the Authority’s repeated requests that it pay the charges and levies owed, and is subsequently failing to adjust to Precept 11 (Relations with regulators), in that it has not been open and co-operative in all its dealings with the Authority.
“(KCAL) has subsequently did not fulfill the Authority that its enterprise is being managed in such a approach as to make sure that its affairs will likely be carried out in a sound and prudent method or that it’s a match and correct particular person having regard to all of the circumstances; and is subsequently failing to fulfill the suitability Threshold Situation in relation to its permitted regulated actions.”
In a response to the FCA, KCAL stated it was not a regulatory danger and was near an funding settlement which might present new funding and permit it to pay the charges. The agency has identified that it doesn’t maintain any shopper belongings and has no purchasers at current.
Kingsbridge has been requested for remark.