Context
The FCA has published two linked Final Notices in relation to Adelphi Special Risks Limited and Cyber Quote Limited, cancelling both firms’ Permissions. Both firms shared common Directors and the same registered office address.
Key points to note and next actions
- The firms failed to complete and submit a string of returns including RMARs, CCR returns, complaints returns and CCR complaints returns between February 2021 and February 2026.
- Enforcement action against both firms commenced in May 2024, which was suspended temporarily when the firm submitted some of the missing returns.
- Enforcement re-commenced, and the FCA sent a final demand for the missing returns in January 2026.
- It was not until 2 June 2026 when the FCA sent both firms a Letter before Action, informing the firms that their Permissions would be cancelled. The FCA has heard nothing further from either firm.
- As a result, the FCA is not satisfied that either firm is fit and proper, including whether the Firm’s business is being managed, or is to be managed, in such a way to ensure that its affairs will be conducted in a sound and prudent manner. This is because both firms:
- failed to respond to the Information Requirements;
- failed to comply with the relevant regulatory reporting rules;
- failed to co-operate with the FCA’s repeated requests for the Returns to be submitted, in breach of Principle 11;
- have not demonstrated that they are ready, willing and organised to comply with the requirements of the regulatory system;
- have failed to deal with the FCA in an open and co-operative way; and
- are therefore failing to satisfy the FCA that their business is being managed in such a way as to ensure that its affairs will be conducted in a sound and prudent manner.