IFA placed into liquidation following HMRC petition

London-based Equity release specialist and IFA Berkeley Consultants UK Limited has had its permissions stripped by the Financial Conduct Authority after it was placed in compulsory liquidation by HM Revenue and Customs.

On 16 September the company was wound up and placed in compulsory liquidation following a petition from HM Revenue and Customs.

On 11 November the FCA issued a decision notice stating its intention to strip the company of its permissions.

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According to a final notice from the regulator, the company failed to ensure its affairs were conducted in a sound and prudent manner and in compliance with proper standards.

Berkeley failed repeatedly to submit its retail mediation activities review promptly and failed altogether to submit them for the periods ended 30 November 2012 and 31 May 2013.

The firm also failed to adequately respond to correspondence from the regulator.

Together, these failings led the FCA to conclude the firm failed to meet the threshold conditions required to keep its permissions intact.