FCA cancels broker's permissions

"BBL has not been open and co-operative in all its dealings with the Authority and failed to respond to repeated requests for payment"

BBL owed £1,244.76 in regulatory fees and levies which were due to be paid by 25 September 2016.

In its final notice, the FCA said that BBL "has not been open and co-operative in all its dealings with the Authority" and failed to respond to repeated requests for payment of the overdue balance.

The FCA added: "These failures, which are significant in the context of BBL’s suitability, lead the Authority to conclude that BBL 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."

BBL hasn't referred the decision to the Tribunal and has therefore had its permissions cancelled.