The FCA has cancelled the Part 4A permission to carry out regulated business of Kent-based IFA The Pentagon Partnership (FRN: 627747).

Pentagon is an IFA firm offering protection, savings and investments, pensions and mortgages advice to individuals and businesses.

The firm is based in Ashford, Kent.

The FCA said it chose to take action as it believes Pentagon is no longer carrying out any regulated activities.

The regulator said Pentagon failed to pay its periodic fees and levies owed, with invoices dated 29 July (£2,465.19) and 27 March (£2,215.74) going unpaid and unacknowledged. It added that the firm has also failed to submit returns.

The watchdog added that the IFA was given notice of the potential removal of permissions of 17 September and 8 October, both of which were not responded to.

The firm has a right to apply for an annulment of the authority’s decision but does not have the right to refer the decision to the Tribunal which considers appeals.

Pentagon was founded by senior partner Paul Jefcoate in February 1998, and had been directly authorised by the FCA since 2014. Between 2001 and 2014 Pentagon was an appointed representative of the Sesame Network.

Before founding the IFA, Mr Jefcoate spent 18 years working in financial services for Halifax, Prudential and Lloyds Bank.

The IFA previously had two further advisers.

Pentagon is registered to an address in Broadstairs with the FCA, but was most recently operating from the Evegate Business Centre in Ashford, Kent.