Advice firm's FCA permissions revoked over unpaid fees

"It is therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which it has had a permission."

Logic owed £6,316.30 for regulatory fees and levies for the period 1 April 2016 to 31 March 2017, which was due for payment by 11 September 2016.

The FCA final notice states that the firm failed to respond to repeated requests for payment and did not refer the matter to the Tribunal for appeal within the 28-day time limit.

The FCA stated: "These failures, which are significant in the context of LFSL’s suitability, lead the Authority to conclude that LFSL has failed to manage its business in such a way as to ensure that its affairs are conducted in a sound and prudent manner, that it is not a fit and proper person, and that it is therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which it has had a permission."