Firms’ permissions cancelled for failure to be open and co-operative with the FCA

The FCA has cancelled the Part 4A permissions of two firms, Causeway Group Limited and Prime Render Solutions Limited .

The cancellation of the permissions is due to both firms failing to satisfy the suitability Threshold Condition, in that the FCA was not satisfied that the firms are fit and proper persons having regard to all the circumstances, including whether they managed their business in such a way as to ensure that their affairs were conducted in a sound and prudent manner.

In addition, the firms have not been open and co-operative in their dealings with the FCA, in that both firms failed to respond adequately to the FCA’s repeated requests to submit their CCR007 annual returns, thereby failing to comply with Principle 11 of the FCA’s Principles for Businesses.