Pringles Financial Services Loses FCA Permission
The Financial Conduct Authority (FCA) has cancelled the permissions of Buckinghamshire-based adviser firm Pringles Financial Services (FRN: 148402). This means that the firm is no longer able to carry out regulated business in the UK.
Pringles Financial Services, based in Gerrards Cross, had been authorised to advise on investments, pensions, insurance, and mortgages since 1 December 2001. The FCA cancelled Pringles’ registration on Tuesday, citing reasons related to failure to submit annual returns or pay periodic fees and levies.
The firm was operating as a sole trader with one regulated individual, James Benedict O’Flynn. The FCA had warned Pringles in March about the possibility of cancelling its permissions due to non-compliance.
On 10 May, the FCA issued another notice stating that it appeared the firm was carrying on no regulated activity in relation to its Part 4A permission. As a result, the FCA decided to cancel Pringles Financial Services’ permission.
FAQs
Why did the FCA cancel Pringles Financial Services’ permissions?
The FCA cancelled Pringles Financial Services’ permissions due to the firm’s failure to submit annual returns, pay fees, and carry on regulated activity related to its Part 4A permission.
Who was the regulated individual at Pringles Financial Services?
James Benedict O’Flynn was the sole regulated individual at Pringles Financial Services.
When was Pringles Financial Services authorised to advise on regulated business?
Pringles Financial Services was authorised to advise on investments, pensions, insurance, and mortgages since 1 December 2001.
Conclusion
The cancellation of Pringles Financial Services’ permissions by the FCA serves as a reminder of the importance of compliance with regulatory requirements in the financial services industry. Firms must fulfill their obligations to submit necessary documentation, pay fees, and conduct regulated activities in order to maintain their permissions and operate legally in the UK.
It is crucial for financial advisory firms to stay up-to-date with regulatory changes and ensure that they are operating in accordance with the FCA’s guidelines to avoid facing similar consequences.