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Friday, 08 November 2024 09:27
Claims manager stripped of regulatory permissions
The FCA has halted regulated business at Hull-based claims management firm (CMC) Prestige Legal Ltd (FRN 915619).
The regulator stepped in yesterday (7 Nov) to revoke the firm’s part 4A Permissions, cancelling its right to carry out regulated business.
The FCA said it appeared the firm was carrying on no regulated activity under its Part 4A permissions.
The firm has failed to pay fees over several years and submit required returns to the FCA.
The firm was first authorised by the FCA in May 2020 and given permission to carry on a regulated activity and to seek out referrals and 'identification' of potential claims.
The potential claims included personal injury, financial services, criminal injury, employment-related claims and other areas.
The firm failed to pay fee and levy invoices sent by the FCA in 2021 and 2022 amounting to over £1,200. The firm also failed to submit required returns to the regulator, the FCA said in a decision notice. The firm also failed to respond to the FCA about the matters.
In October this year the FCA gave the firm a warning that it would cancel its Part 4A permissions unless it took steps to remedy the situation.
The firm has a right to apply for an annulment of the authority’s decision but does not have the right to refer the decision to the Tribunal which considers appeals.
The FCA register lists the firm as based at an address in Kingswood, Hull which appears to be a semi-detached house. The only person listed on the FCA register as a regulated individual working for the firm is Wanda Louise Cross.
The FCA has cancelled the regulatory permissions of a number of CMCs in recent times. In August the FCA cancelled the Part 4A permissions of Manchester-based claims management company Domum Ltd (FRN 831104) after concluding that it was carrying on no regulated activity. The firm had been registered as Domum since March 2020. It had previously been registered as Reclaim-Plan.com since April 2019 and began trading under the name Reclaim Plan from June 2020, according to the FCA register.
The FCA became the regulator of claims management firms from 1 April 2019.
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