The Financial Conduct Authority has removed a firm’s regulatory permission after it failed to pay its regulatory fees.
Hycroft LLP was authorised on September 3 2010, and given FCA permission to advise on investments, peer-to-peer agreements, and arranging deals in investments.
However, the company failed to pay £2,700 across two invoices due in January and October last year.
In a final notice published today (June 4), the FCA said it warned Hycroft it was going to cancel its permissions, to which the company did not respond.
The regulator said Hycroft submitted regulatory returns for the period between January 2020 and December 2022 which showed it did not generate any income for the regulatory activities it has permission for.
The firm is based in London and between ay 2010 and August 2014 it was known as North Sea Partners LLP.
The cancellation is the third time in two weeks that the FCA has removed a firm’s permissions over late fees.
At the end of May, Kingsbridge Capital Advisors Limited (KCAL) had its permissions cancelled.
The company owed the regulator £2,691 for regulatory and administrative fees accrued across seven invoices between March 2019 and Match 2020, which were eventually paid in March this year.
Earlier this week, a London-based advice firm also had its permissions cancelled after it did not pay £4,000 in fees.
Ozen Financial Services Limited was previously regulated for investment advice (but not pension transfers and opt outs), advising on P2P agreements, regulated mortgage contracts, arranging deals in investments and regulated mortgage contracts, credit-broking and debt-counselling.
sally.hickey@ft.com
