An advice firm has had its permissions cancelled by the Financial Authority Conduct after failing to pay regulatory fees and levies.
Gateway Financial Services has had its permissions cancelled by the FCA after it did not pay two invoices of more than £3,000 between September 2020 and October 2022, according to a decision notice published last week (July 7).
The firm was previously authorised to advise on investments, agree to carry on a regulated activity, arrange deals in investments, and make arrangements with a view to transactions in investments.
It failed to pay an invoice dated September 22, 2020 for £1,654 which had been due for payment by December 21 that year.
It then did not pay an invoice dated September 21, 2022 for £1,969 which had been due by October 21 the same year.
The advice firm also failed to submit a number of returns to the regulator.
Gateway was given notice by the FCA in April of this year warning that it might take action to cancel the firm's permissions unless it responded to the notice in the manner specified.
Gateway failed to respond to the notice and, therefore, the firm's permissions were cancelled by the FCA on July 10 this year.
The firm does not have a right to refer the decision to a tribunal.
In a similar case last month, the FCA removed another firm’s permissions after it failed to pay its regulator fees.
Ozen Financial Services Limited had its regulatory permissions cancelled last month (June 9).
The company owed the regulator £4,074 for regulatory fees across two invoices between September 2021 and September 2022.
tom.dunstan@ft.com
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