FCA cancels the Part 4A permission of Albany Financial Consultants Ltd

The UK Financial Conduct Authority (FCA) has made the decision to revoke Albany Financial Consultants Ltd's Part 4A permission, resulting in the firm losing its authorization to conduct any regulated activities.

Albany Financial Consultants Ltd (AFC) initially obtained authorization from the FCA on December 9, 2015, granting them Part 4A permission to engage in specific activities related to designated investments. These activities included:

Providing investment advice, excluding Pension Transfers and Pension Opt-Outs.

Facilitating investment deals.

Organizing transactions in investments.

As per regulatory requirements, AFC was obligated to submit relevant returns to the FCA within specified deadlines. However, AFC failed to fulfill this obligation, which led the FCA to conclude that the firm did not provide the necessary information, as outlined in the Handbook and required in the returns.

In August 2023, the FCA issued a warning to AFC, indicating that it believed AFC was not involved in any regulated activity falling under its Part 4A permission. The FCA proposed the cancellation of AFC's Part 4A permission, effective August 31, 2023, unless AFC adhered to the specified measures outlined in the Further Notice.

Regrettably, AFC did not take the prescribed actions specified in the Further Notice. Consequently, the FCA has determined that AFC is no longer engaged in any regulated activities covered by its Part 4A permission. Thus, the FCA has officially revoked AFC's Part 4A permission, effective as of August 31, 2023.