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UK advice firm loses permissions


The Financial Conduct Authority (FCA) has revoked the permissions of Wales-based advice firm Northwood Financial Management, which was trading as Stephen Jones.

In its final notice on 9 July 2020, the FCA cancelled its licence to carry out regulated activities, as per part 4A of the Financial Services and Markets Act 2000.

According to the FCA register, Jones was the only named person working at Northwood Financial Management.

He was sent the decision notice on 20 May 2020, but had not referred the matter to a tribunal for appeal within 28 days.

Reasons

The UK regulator said it was “not satisfied that Mr Jones is a fit and proper person”, including whether he “managed his business in such a way as to ensure that his affairs were conducted in a sound and prudent manner”.

Jones failed to pay an overdue balance of £1,881.29 ($2,371.46, €2,092.99) to the FCA, by way of annual fees and levies, for the period 1 April 2019 to 31 March 2020.

This was due for payment by 26 September 2019.

Failed to comply

The FCA added: “He has not been open and cooperative in all his dealings with the Authority, in that Mr Jones has failed to respond to the Authority’s repeated requests for him to pay the overdue balance.

“He has thereby failed to comply with principle 11 of the principles and to satisfy the Authority that he is ready, willing and organised to comply with the requirements and standards of the regulatory system.

“These failures, which are significant in the context of Mr Jones’s suitability, lead the authority to conclude that Mr Jones has failed to manage his business in such a way as to ensure that his affairs are conducted in a sound and prudent manner, that he is not a fit and proper person, and that he is therefore failing to satisfy the threshold conditions in relation to the regulated activities for which he was granted a part 4A permission.”

Jones was sent a warning notice before the decision notice on 29 April 2020.








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