The FCA has cancelled the regulatory permissions and withdrawn the authorisation of Leeds-based financial advice firm Gainsborough Financial Services (GFS).

The FCA said the firm (FRN 145971) had failed to pay thousands of pounds in fee and levy invoices in recent years.

Unpaid fees included an invoice dated 30 September 2020 for periodic fees and levies of £2,842.95 along with several other invoices since 2020.

The FCA took action yesterday (13 September) under Schedule 6A of the Financial Services and Markets Act.

The regulator removed the firm's Part 4A permissions (covering the ability to provide regulated advice) as the FCA said the firm no longer appeared to be doing any Part 4A business.

In a statement the FCA said: “As a consequence of this action GFS 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 company is based in Tunstall Road, Leeds, West Yorkshire, LS11 5HL. 

In recent times the FCA has moved to remove Part 4A permission from a number of firms which, while still authorised, did not appear to be carrying out any regulated business. Removal of Part 4A permissions effectively ends a firm's ability to provide regulated financial advice.

According to the FCA register, 14 authorised individuals were connected to the firm which provided advice in a number of areas including investments, pension transfers and opt out and P2P products.

The FCA register shows the firm was first authorised in 2001.