FSA bans Carlisle adviser facing Aviva winding up order

Carlisle-based adviser Quintillion Asset Management Ltd has had its permissions to carry on regulated business cancelled by the Financial Services Authority over its failure to pay fees and levies owed to the regulator.

According to a final notice published on the FSA website, Quintillion has outstanding fees of £8,407. The firm was issued with a warning notice in February of this year, which was followed by a decision notice that its permissions were to be cancelled in May.

The firm has not referred the matter to the Upper Tribunal.

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According to a record published by the London Gazette, Quintillion is the subject of a winding up order from insurer Aviva, which is a creditor of the company.

A petition to wind up the company was presented by Aviva Life Services UK Ltd on 20 June. The order was published by the High Court on 10 July and is due to be heard at Leeds District Registry on 14 August.

Separately, the FSA has cancelled the permissions of Birmingham-based GMEX Europe Ltd to act as a small payments institution after it failed to pay fees and levies of £797.