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Cardiff IFA struck off for failing to cough up £5,000

Cardiff IFA struck off for failing to cough up £5,000

A Cardiff-based financial advice firm has had its permissions cancelled after failing to pay the £5,722 it owed the Financial Conduct Authority.

Park Grove Financial Management Ltd owed the regulator fees and levies, which had been due by 15 August 2015.

The company failed to pay this overdue balance and the FCA concluded Park Grove was not “fit and proper” as a result of the fact it did not cough up the cash.

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Park Grove had also not been open and co-operative in all its dealings with the FCA, the regulator stated, because it had failed to respond to its repeated requests for payment.

The FCA said Park Grove had failed to satisfy it that it is ready, willing and organised to comply with the requirements and standards under the regulatory system.

In a final notice the FCA said: “These failures lead the authority to conclude that Park Grove 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 Park Grove has had a permission.”

According to the Financial Services Register, Park Grove has been regulated since 2002.

Between 2004 and 2005 it was an appointed representative of Investat Asset Management.