The FCA has cancelled the firm’s Part 4A permissions meaning it is no longer able to carry out regulated business in the UK.

Brentford-based Ekara had been authorised to advise on investments, insurance and credit broking since 1 April 2021. It also traded under the name Insure-us.

Ekara was operating as a sole trader with one regulated individual, Osama Ajail.

The FCA cancelled Ekara’s registration on Wednesday.

The regulator had first warned the firm that it may cancel its permissions on 16 February following the firm’s failure to submit annual returns or pay its periodic fees and levies.

On 8 April the FCA issued the firm with a further notice stating that it appears the firm was carrying on no regulated activity in relation to its Part 4A permission.

In its decision notice the regulator said: “The Authority has taken this action because, based on the facts and matters set out below, it considers that the Firm is carrying on no regulated activity to which the Firm’s Part 4A permission relates.”

According to Companies House, Ekara is currently subject to an active proposal to strike the firm off the register.