The firm was authorised in 2018 to conduct regulated activities.

The firm (FRN 814609) has been banned from undertaking regulated activities after failing to pay regulatory fees, including £1,654.80 which had been due for payment by 21 December 2020; and £1,969.41 which had been due for payment by 21 October 2022.

It had been authorised to advise on investments (except on pension transfers and pension opt outs); arranging (bringing about) deals in investments; and making arrangements with a view to transactions in investments.

According to the firm’s website it acts mainly as a credit broker offering lending services such as second charge mortgages, bridging loans and commercial mortgages.

Gateway's website says: “Gateway Financial Solutions does not provide advice on regulated mortgage contracts or credit agreements, these are carried out by one of our independent FCA regulated associates. Gateway Financial Solutions act as a Credit Broker with access to whole of market and does not act as a Lender.”

The FCA said: “The reason for this action is that the Authority considers GFSL is carrying on no regulated activities to which its Part 4A permission relates.

“As a consequence of this action GFSL is no longer an authorised firm for the purposes of the Act and it may not carry on regulated activities which fall within the scope of the Act.”