Trade BodiesMay 30 2018

Advice firm scolded over register failure

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Advice firm scolded over register failure

A financial advice firm has had its permissions cancelled after it failed to submit its regulatory returns.

Infinity Financial Solutions, which provides advice on protection and mortgages, also failed to respond when the Financial Conduct Authority made repeated requests for it to submit its returns.

The FCA concluded the Swindon-based firm had not been open and co-operative with it and decided to cancel its Part 4A permissions.

In a final notice, the FCA said the firm had failed to demonstrate it was "ready, willing and organised" to comply with the requirements and standards of the regulatory system.

The FCA said: "On the basis of the facts and matters and conclusions described in the warning notice and in the decision notice, it appears to the authority that IFSL is failing to satisfy the suitability threshold condition, in that the authority is not satisfied that IFSL is a fit and proper person having regard to all the circumstances, including whether IFSL managed its business in such a way as to ensure that its affairs were conducted in a sound and prudent manner."

According to its website, Infinity Financial Solutions specialises in mortgages and protection and offers independent financial advice.