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, a listing of regulated people working on the agency.
Regulated corporations 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 now not capable of perform regulated enterprise within the UK.
In line 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 workforce of finance and funding administration professionals.”
The FCA stated 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 numerous regulated actions together with advising on investments (besides on pension transfers and decide outs), arranging and bringing about offers in investments, dealing in investments as an agent and managing investments.
The agency aimed toward excessive internet price people and households who had been “skilled buyers.” It provided a spread of funding companies together with wealth administration, company and enterprise recommendation, angel investing and ‘excessive earnings debt investments.’
In its choice discover revealed this week the FCA stated: “The Agency has did not submit the Listing Individuals Attestation to the Authority. The Authority due to this fact considers that the Agency has failed to offer info to the Authority as is required by the Handbook, specifically the data it’s required to offer within the Listing Individuals Attestation.”
The FCA’s Knowledge Attestation for Listing individuals must be accomplished each 12 months. From finish of 2020 the FCA began to publish listing individuals info on its public register displaying particulars of key folks working in monetary companies.
Listing individuals include: • all Licensed employees (these holding a certification perform below the Senior Managers and Certification Regime (SM&CR) • administrators who should not performing Senior Supervisor Capabilities (SMFs) – each government 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.
