The Financial Conduct Authority (FCA) has cancelled financial planning firm Barkestone Associates (Wealth Management)’s Part 4A permission, resulting in the company no longer having permission to carry on regulated activities.

It stated that it took this action because it considered that the firm was carrying on no regulated activity to which its Part 4A permission relates.

The cancellation took effect on 6 January 2025, with the effect of the cancellation being that the firm no longer has permission to carry on any regulated activities.

Barkestone Associates was authorised by the FCA in 2010 and had a Part 4A permission to carry out regulated activities including: Advising on investments (except on pension transfers and opt outs); advising on P2P agreements; agreeing to carry on a regulated activity; arranging deals in investments; and making arrangement with a view to transactions in investments.

On 6 November 2024, the FCA gave the firm a notice, which stated: “It appears to the authority that the firm is carrying on no regulated activity to which its Part 4A permission relates; and the authority may take action to cancel the firm’s Part 4A permission unless it responds to the notice in the manner specified in the directions to the notice.”

After the firm failed to respond to the notice, the FCA gave further notice, stating: “The authority considered that the firm is carrying on no regulated activity to which its Part 4A permission relates; and the authority proposes to cancel the firm’s Part 4A permission on 6 January 2025 unless the firm takes the steps specified in the directions to the further notice.”

Barkestone Associates also failed to take the steps specified in the further notice, leading to the FCA considering that the firm was carrying on no regulated activity to which its Part 4A permission relates and cancelled the firm’s Part 4A permission.

If Barkestone Associates is aggrieved by the decision, it can make an application for an annulment of the FCA’s decision, which it must submit by 5 January 2026.

---