The FCA has cancelled the part 4A regulatory permissions of Stratford-based firm Pan Risk Management Services Limited (FRN: 305302).

The action means that the firm can no longer carry on any regulated activity.

Pan Risk was first founded in February 1981, with previous company names including Lime Street Risk Management (2020-2022), Lovat Insurance Brokers (1984-2020), and Iconhurst (1981) according to Companies House.

The firm was authorised by the FCA on 14 January 2005 with part 4A permission to advise and arrange on investments (except on pension transfers), dealing in investments, insurance administration, and advising on P2P agreements.

The FCA said the firm had failed to submit its returns, directory persons attestation and firm details attestation which had been due between 1 January 2022 and 30 June 2022.

It warned the firm in 1 May 2024 and again on 9 December that its part 4A permission could be cancelled but the firm failed to respond so its permission was cancelled on 3 March.

Pan Risk has until 2 March 2026 to apply for an annulment of the decision.

There were 34 people associated with regulatory activities at the firm, which was also an appointed representative of Age Concern until June 2014. The firm was also previously an appointed representative of Robert Pinkus Property Management between 2005 and 2014.

The firm’s chief executive until 2022 was Paul Anthony Nugent, who was also connected to a number of insurance and broking firms.

Pan Risk is also currently subject to a notice for compulsory strike-off from Companies House, having failed to submit accounts requested. The firm’s most recent Confirmation statement shows that all shares are owned by Pan Topco Group Holdings Ltd.

The FCA has cancelled the permissions of several advice firms in the past couple of months.

Last month it has cancelled the part 4A regulatory permission of Northamptonshire-based firm Nectar Wealth Limited (FRN 800673), Hounslow-based Dunphy’s Limited (FRN 311162), of Bromley-based firm HLU Ltd (FRN: 938123), and Scottish Retirement & Investment Solutions Limited (FRN 533079).