A Bucks financial adviser has had its Part 4A permissions to carry out regulated business revoked this week by the FCA.
The FCA said it had cancelled the firm's authorisation as it no longer appeared to be carrying out regulated business.
The sole trader firm, Rajan Mortgage Services, also failed to regulatory fees in 2024, including an invoice for £2,102.66 which had been due for payment by 28 Aug 2024, and failed to supply required regulatory returns to the FCA.
In a regulatory notice this week, the FCA said that the sole trader firm, based in Gerrards Cross, Bucks, no longer appeared to be undertaking any regulated activities so its Part 4A permissions had been cancelled with effect from 9 March.
The FCA said: “As a consequence of this action the firm is no longer an authorised firm for the purposes of the Act and it may not carry on regulated activities which fall within the scope of the Act.”
The firm, authorised since 2004, was involved in the consumer buy-to-let mortgage market and also had permissions to transact other business including advising on investments (except on pension transfers and pension opt outs) and insurance.
The firm’s sole trader is listed on the FCA register as Sivasubramaniam Varagharajan.
The firm does not have a right to appeal the decision but can apply for an annulment by March 2027, the FCA said.