The Financial Conduct Authority (FCA) has cancelled Mayfair-based Kingsbridge Capital Advisers Limited’s (KCAL) permission to carry out regulated activities.
It said that KCAL had owed the regulator an overdue balance of just over £2,690 ($3,332, €3,112) from seven invoices dated between 15 March 2019 and 13 March 2020, for regulatory fees and levies, along with administrative fees for late submission of regulatory returns.
The invoices had been due for payment on various dates between 14 April 2019 and 12 April 2020. The firm settled the bills on 16 March 2023.
The regulator said that the advice firm had failed to pay the balance by the relevant due dates and that it had “not been open and co-operative” in all its dealings with the authority, having failed to respond adequately to repeated requests for payment.
It added that KCAL had not satisfied the FCA that it was “ready, willing and organised to comply with the requirements and standards of the regulatory system”.
The final notice, issued on 25 May, said: “These failings, which are significant in the context of KCAL’s suitability, lead the authority 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 Part 4A permission.”
