The Financial Conduct Authority (FCA) has removed Ireland-based Wellington Court Financial Services’ temporary permissions.
Following a decision notice published on 6 October, the Irish firm – which had an office in Honiton, Devon and was operating in the UK under passporting rights – is no longer allowed to conduct regulated activity in the UK.
Wellington Court Financial Services had a temporary UK part 4A permission, which requires firms to apply for full or non-temporary part 4A permission during a specific period.
The FCA announced it had removed the permissions because the firm had missed its ‘landing slot’ and failed to apply for authorisation on time.
Wellington Court Financial Services was directed to apply between 9am on 1 October 2021 and midnight on 31 December 2021, but failed to do so. It closed its UK office in December 2021.
TPR expectations
“We previously set out our expectations of firms in the Temporary Permissions Regime [TPR],” the FCSA said. “If they missed their landing slot or failed to apply by 31 December 2022, we expected them to voluntarily cancel their temporary permissions.
“If this did not happen, we would act to cancel a firm’s permissions as the TPR should only be used by firms wanting to operate in the UK in the long-term and meet the required standards.”
The watchdog has been working with the Financial Services Compensation Scheme and the Financial Ombudsman Service to investigate the activities of the firm.
