The FCA has cancelled the part 4A regulatory permissions of Glasgow-based firm LR Kennedy Insurance Services (FRN: 311420) after repeated failures from the firm to respond to questionnaires, telephone calls and emails from the regulator.
The action means that the firm can no longer carry on any regulated activity.
The firm was authorised by the FCA in January 2005 and held permission to conduct regulated insurance distribution, consumer credit, and designated investment business.
According to the FCA Register the firm had two partners, Louis Kennedy and Anne Kennedy.
In January 2022 the FCA introduced new rules to ensure renewing home and motor insurance consumers are quoted prices that are no higher than they would be quoted as a new customer through the same channel.
As a part of the new dual pricing rules, firms were required to submit an attestation which confirmed that their pricing of products was compliant with the new requirements.
LR Kennedy failed to respond to the questionnaire.
The FCA tried to contact the firm in June and July 2022, and again in January and March 2023. It tried again in January, March July and August of 2024 but, as previously, got no response.
As a result it sent an enforcement notice to the firm in November 2024 and again received no response.
The FCA said: “To date, the firm has failed to submit the GIPP attestation and respond adequately to the Authority’s repeated attempts to contact it in relation to this matter. The Authority has therefore decided to cancel the firm’s Part 4A permission for the reasons described above.”
The FCA has cancelled the permissions of several advice firms this year.
In March it cancelled the part 4A regulatory permissions of Stratford-based firm Pan Risk Management Services Limited (FRN: 305302).
In February it cancelled the part 4A regulatory permission of Northamptonshire-based firm Nectar Wealth Limited (FRN 800673), Hounslow-based Dunphy’s Limited (FRN 311162), Bromley-based firm HLU Ltd (FRN: 938123), and Scottish Retirement & Investment Solutions Limited (FRN 533079).
Promote your vacancy to thousands of professionals on Financial Planning Jobs
Our specialist jobs service Financial Planning Jobs can help you reach nearly 12,000 financial professionals. You can set up an Employer Profile and post your job the same day on Financial Planning Jobs (terms apply). Dozens of Financial Planning and Paraplanning firms have used our affordable service to recruit new talent.
