The FCA has banned a financial advisor after failing to respond to repeated warnings from the Regulator amid concerns over its financial position.
The Regulator has banned Ingram Graham (IGL), after the adviser failed to pay a bill of £21,348, despite a number of different warnings.
The adviser had received invoices for £21,098 in June 2012 and £250 in early December 2012.
IGL was handed a strict warning at the beginning of June that a failure to comply with FCA’s rules would result in a removal of all permissions.
The firm then referred the notice to the Upper Tribunal’s tax and Chancery Chamber in July, and a week later, announced that it had entered a creditors’ voluntary liquidation.
IGL subsequently failed to pay fees and levies totalling £21,348.36 owed to the Authority, and to respond adequately to the Authority’s repeated requests to do so.
The details of the relevant invoices are set out below.
|
Invoice Number |
Invoice Date |
Invoice Due Date |
Invoice Amount |
|
PFA12_427546 |
18 June 2012 |
18 July 2012 |
£21,098.36 |
|
LRF12_01107 |
7 December 2012 |
6 January 2013 |
£250.00 |
|
|
|
|
Total: £21,348.36 |
In a statement, the FCA said: "These failures lead the authority to conclude that IGL 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 IGL has had a permission."
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