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The FCA has revoked permission to hold out regulated enterprise of Metropolis of London-based Portia Funding Advisors Ltd (FRN582587) after it failed to substantiate required particulars of authorised administrators.
The agency failed to offer its Listing Individuals Attestation, an inventory of regulated people working on the agency.
Regulated companies are required to offer the Attestation each 12 months, an obligation launched in 2020.
Because of the failure to offer the checklist, the FCA has cancelled the agency’s Half 4A permissions which means the agency is not capable of perform regulated enterprise within the UK.
In keeping with the FCA Register the agency, which additionally traded as Symfonie Funding Advisors, was registered from 2013. On the Symfonie web site the agency describes itself as, “a multinational staff of finance and funding administration professionals.”
The FCA mentioned after a number of notices it had revoked permissions as a result of it thought of the agency was not finishing up any regulated exercise.
The agency was authorised to hold out plenty of regulated actions together with advising on investments (besides on pension transfers and choose outs), arranging and bringing about offers in investments, dealing in investments as an agent and managing investments.
The agency aimed toward excessive internet value people and households who have been “skilled traders.” It supplied a spread of funding providers together with wealth administration, company and enterprise recommendation, angel investing and ‘excessive revenue debt investments.’
In its choice discover printed this week the FCA mentioned: “The Agency has didn’t submit the Listing Individuals Attestation to the Authority. The Authority due to this fact considers that the Agency has failed to offer data to the Authority as is required by the Handbook, particularly the knowledge it’s required to offer within the Listing Individuals Attestation.”
The FCA’s Information Attestation for Listing individuals must be accomplished each 12 months. From finish of 2020 the FCA began to publish listing individuals data on its public register exhibiting particulars of key individuals working in monetary providers.
Listing individuals include: • all Licensed workers (these holding a certification operate beneath the Senior Managers and Certification Regime (SM&CR) • administrators who aren’t performing Senior Supervisor Capabilities (SMFs) – each govt and non-executive • different people who’re sole merchants or ARs (together with these inside ARs) the place they’re endeavor enterprise with purchasers and require a qualification to take action
Portia Funding Advisors has been requested for remark.
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