Context
The FCA has published an Upper Tribunal Decision in relation to a Second Supervisory Notice issued to Promethean Finance Limited in June 2023. The Tribunal Decision supports the FCA in the requirements imposed on Promethean.
Key points to note and next actions
- The Notice related to the use of trading names, added to the firm’s records on the Financial Services Register, where those trading names were of Insolvency Practitioners.
- The FCA believed that the registering of the Insolvency Practitioners’ names as trading names was an attempt to circumvent Google’s updated advertising policy, which may result in consumers being misled that they are dealing with a firm regulated by the Authority, when in fact they are dealing with an Insolvency Practitioner, and to wrongly believe that they have same protections as if they were dealing with an authorised firm.
- The FCA’s action was a result of repeated additions of trading names even after the FCA had been in contact with the firm about the practice.
- The Supervisory Notice also related to financial promotions used by the firms Appointed Representatives (ARs).