FCA cancels funding adviser agency’s permissions

The FCA has revoked permission to hold out regulated enterprise of Metropolis of London-based Portia Funding Advisors Ltd (FRN582587) after it failed to substantiate required particulars of authorised administrators.

The agency failed to offer its Listing Individuals Attestation, an inventory of regulated people working on the agency.

Regulated companies are required to offer the Attestation each 12 months, an obligation launched in 2020.

On account of the failure to offer the record, the FCA has cancelled the agency’s Half 4A permissions which means the agency is now not in a position to perform regulated enterprise within the UK.

In response to the FCA Register the agency, which additionally traded as Symfonie Funding Advisors, was registered from 2013. On the Symfonie web site the agency describes itself as, “a multinational crew of finance and funding administration professionals.”

The FCA mentioned after a number of notices it had revoked permissions as a result of it thought of the agency was not finishing up any regulated exercise.

The agency was authorised to hold out various regulated actions together with advising on investments (besides on pension transfers and decide outs), arranging and bringing about offers in investments, dealing in investments as an agent and managing investments.

The agency geared toward excessive web value people and households who had been “skilled traders.” It supplied a variety of funding companies together with wealth administration, company and enterprise recommendation, angel investing and ‘excessive revenue debt investments.’ 

In its determination discover printed this week the FCA mentioned: “The Agency has did not submit the Listing Individuals Attestation to the Authority. The Authority due to this fact considers that the Agency has failed to offer info to the Authority as is required by the Handbook, particularly the data it’s required to offer within the Listing Individuals Attestation.”

The FCA’s Information Attestation for Listing individuals must be accomplished each 12 months. From finish of 2020 the FCA began to publish listing individuals info on its public register displaying particulars of key individuals working in monetary companies.

Listing individuals encompass: • all Licensed employees (these holding a certification perform beneath the Senior Managers and Certification Regime (SM&CR) • administrators who are usually not performing Senior Supervisor Features (SMFs) – each govt and non-executive • different people who’re sole merchants or ARs (together with these inside ARs) the place they’re endeavor enterprise with purchasers and require a qualification to take action 

Portia Funding Advisors has been requested for remark.

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