Context
The FCA has published a Final Notice cancelling Professional Liability Network’s Permission to carry out regulated activities. The FCA stated that the firm has not been replying to correspondence and has not paid overdue fees and levies.
Key points to note and next actions
- The FCA noted its usual observations in these cases that “the firm is failing to satisfy the Suitability Threshold Condition, in that the firm is not a fit and proper person to conduct regulated activities…”
- It also appeared to the FCA that the firm is failing to meet the Effective Supervision Threshold Condition, as there was no means by which the FCA could communicate with the firm, and there was no communication from the firm with the FCA.
- The FCA explained the business has not updated its address and contact details making it impossible to “…determine whether the firm is complying with the requirements and standards of the regulatory system”.
- The firm failed to submit returns for the periods between 2 April 2025 and 31 December 2025, which were due for submission on various dates between July 2025 and March 2026. The firm also failed to respond to the FCA in relation to overdue fees and levies.