The FCA has stripped Scottish adviser firm Craig Mitchell (FRN 624013), trading as Craig Mitchell Personal and Corporate Financial Planning, of its permission to carry out regulated activities after a string of unpaid FOS judgements.

The FCA has cancelled the firm's permissions completely this week after acting in 2022 to suspend permissions.

The firm has not referred the matter to a tribunal.

The FCA said it was taking action because it had identified “serious concerns” relating to the Lanarkshire-based firm which provided investment advice.

In its decision notice, the FCA said there were 13 complaints against the firm which had been upheld by the Financial Ombudsman Service (FOS).

In each of the cases the FOS found that the firm had provided “unsuitable investment advice” to its customers and had not paid redress to at least six of those customers despite the FOS upholding the complaints.

The firm also failed to provide an explanation for its failure to pay the FOS awards made against it.

The FCA added that there were a total of 10 complaints against the firm still being investigated by the FOS and the firm had not satisfied the FCA that it had made adequate provision to meet potential liabilities to its customers.

On 8 December the Financial Services Compensation Scheme declared the firm as failed, opening the door to compensation claims.