A financial advice firm has had its permissions cancelled by the Financial Conduct Authority after failing to pay its regulatory fees.
London-based Collins Ward Capital Management had failed to pay its overdue balance and had not been open and co-operative with the FCA.
According to a final notice issued today, the firm repeatedly ignored the FCA’s requests for payment.
The notice said: “These failures, which are significant in the context of CWCML’s suitability, lead the authority to conclude that CWCML 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 it has had a permission.”
CWCML was established by Christian Ward and had been authorised since 2006.
According to its website the firm offers a “distinctive style of wealth management that is rare in today’s financial marketplace”.
Mr Ward himself has been a chartered financial planner since 2005.
damian.fantato@ft.com
