FCA revokes permissions of Devon-based firm

Wellington Court Financial Services Limited, which was declared in default by the FSCS in June, has had its temporary permissions revoked by the FCA. It means the firm can no longer conduct regulated activity in the UK. Although based in Ireland, Wellington Court had an office in Honiton, Devon. The firm was 'passported' into the UK under the EU Insurance Distribution Directive, allowing it to transact business in the UK. From 19 December 2016, Wellington Court was granted permission by the FCA to carry out certain regulated activities, including advising on investments and pension transfers. The FOS subsequently upheld a “large number of complaints” against Wellington Court about its involvement in the transfer of customers’ pensions into a Self-Invested Personal Pension administered by Guinness Mahon Trust Corporation Ltd (GMTC), which was declared in default by the FSCS on 29 October 2020. In June 2022 the FSCS said it was investigating Wellington Court over the transfer of client pensions into a SIPP. The FSCS declared Wellington Court in default in June this year, which opened the door to clients claiming compensation against it. The firm had a temporary UK Part 4A permission under the Financial Services and Markets Act 2000. The regulator said that its temporary permissions regime (TPR) was only for firms that wanted to operate in the UK in the long term, have applied for full UK authorisation/registration and met required standards. The FCA told the firm in May 2021 to apply for a full permission by December 2021, which it failed to do so. The FCA said: “We have removed the permissions of Wellington Court Financial Services Limited for missing its landing slot and failing to apply for authorisation in a timely manner.” The firm closed its UK establishment in December 2021.

FCA revokes permissions of Devon-based firm

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