The FCA has halted regulated business at 'no client' Mayfair-based financial adviser Kingsbridge Capital Advisors Ltd (KCAL) over non payment of FCA fees.

KCAL appealed the matter to the Upper Tribunal on 28 December but on 18 May withdrew its reference to the Tribunal by consent.

As a result of the withdrawal of the appeal, the FCA has this week cancelled KCAL’s Part 4A permission, removing the firm’s right to carry on regulated business.

The FCA says the firm (FRN219941) failed to pay membership fees on multiple occasions since 2019. The total owed is £2,691.42.

In response, the firm said that it does not hold any client assets and currently has no clients. It offered to pay the fees when new funding was found.

KCAL has been authorised by the FCA since 13 March 2003 and was permitted to conduct designated investment business and MiFiD investment services activities. It is based in offices in Berkeley Square in Mayfair, London W1.

In 2020 the firm was subject to a clone attack when scammers tried to copy the firm’s website to con investors. The clone attack resulted in a warning to consumers issued by the FCA.

In its Final Notice yesterday the FCA said: “On the basis of the facts and matters and conclusions described in the Warning Notice, and in the Decision Notice, it appears to the Authority that KCAL is failing to satisfy the Suitability Threshold Condition, in that the Authority is not satisfied that KCAL is a fit and proper person having regard to all the circumstances, including whether KCAL managed its business in such a way as to ensure that its affairs were conducted in a sound and prudent manner.”

The FCA said that KCAL had failed to pay the overdue balance by the relevant due dates and had not been “open and co-operative” in all its dealings with the authority.

The FCA said KCAL failed to satisfy the Threshold Conditions in relation to the regulated activities for which it has had a Part 4A permission.

In an earlier response to the FCA, KCAL said it was not a regulatory risk and was close to an investment agreement which would  provide new funding and allow it to pay the fees.

Kingsbridge has been asked for comment on the FCA decision.