The FCA has turned down an application to annul its decision to halt regulated business at Hull-based claims management firm (CMC) Prestige Legal Ltd (FRN 915619).

The regulator revoked the firm’s part 4A Permissions in November, cancelling its right to carry out regulated business.

The FCA said it appeared the firm was carrying on no regulated activity under its Part 4A permissions.

It said the business had failed to pay fees over several years and submit required returns to the FCA.

Later in November Prestige Legal made an application to annul the FCA’s decision to cancel ’s Part 4A permission.

The appeal was rejected by the FCA in a decision sent to the firm in early April. The regulator said: “Having considered the Annulment Application, the Authority is not satisfied that, in all the circumstances, it is just and reasonable to grant the annulment.

“This is because the Authority is not satisfied of what the Firm’s position was to which its Part 4A permission related, at or immediately prior to the date the cancellation took effect. Further, the Firm has not demonstrated an evidenced intention, ability, or concrete plan to commence regulated activity in the near future.”

The regulator said the firm failed to provide valid evidence of conduct of regulated activity prior to the time cancellation took effect and in the period of 12 months preceding that date.

As a result it published its Final Notice on its decision to revoke the firm’s permissions on Monday.

The firm was first authorised by the FCA in May 2020 and given permission to carry on a regulated activity and to seek out referrals and 'identification' of potential claims.

The potential claims included personal injury, financial services, criminal injury, employment-related claims and other areas.

The firm failed to pay fee and levy invoices sent by the FCA in 2021 and 2022 amounting to more than £1,200. The firm also failed to submit required returns to the regulator, the FCA said. The firm also failed to respond to the FCA about the matters.

Last October the FCA gave the firm a warning that it would cancel its Part 4A permissions unless it took steps to remedy the situation.

The FCA has cancelled the regulatory permissions of a number of CMCs in recent times.

In August the FCA cancelled the Part 4A permissions of Manchester-based claims management company Domum Ltd (FRN 831104) after concluding that it was carrying on no regulated activity. The firm had been registered as Domum since March 2020. It had previously been registered as Reclaim-Plan.com since April 2019 and began trading under the name Reclaim Plan from June 2020, according to the FCA register.

The FCA became the regulator of claims management firms from 1 April 2019.