Wellington Courtroom Monetary Companies Restricted, which was declared in default by the FSCS in June, has had its momentary permissions revoked by the FCA.
It means the agency can now not conduct regulated exercise within the UK.
Though primarily based in Eire, Wellington Courtroom had an workplace in Honiton, Devon.
The agency was ‘passported’ into the UK beneath the EU Insurance coverage Distribution Directive, permitting it to transact enterprise within the UK.
From 19 December 2016, Wellington Courtroom was granted permission by the FCA to hold out sure regulated actions, together with advising on investments and pension transfers.
The FOS subsequently upheld a “massive variety of complaints” in opposition to Wellington Courtroom about its involvement within the switch of consumers’ pensions right into a Self-Invested Private Pension administered by Guinness Mahon Belief Company Ltd (GMTC), which was declared in default by the FSCS on 29 October 2020.
The FSCS declared Wellington Courtroom in default in June this yr, which opened the door to shoppers claiming compensation in opposition to it.
The agency had a short lived UK Half 4A permission beneath the Monetary Companies and Markets Act 2000. The regulator stated that its momentary permissions regime (TPR) was just for corporations that wished to function within the UK in the long run, have utilized for full UK authorisation/registration and met required requirements.
The FCA instructed the agency in Could 2021 to use for a full permission by December 2021, which it failed to take action.
The FCA stated: “We’ve eliminated the permissions of Wellington Courtroom Monetary Companies Restricted for lacking its touchdown slot and failing to use for authorisation in a well timed method.” The agency closed its UK institution in December 2021.