Upper Tribunal Tax and Chancery Chamber

UT-2024-000094 - [2025] UKUT 00082 (TCC)

Fecha: 17-Feb-2025

Introduction

Introduction

On 10 July 2024 the Applicant referred (“the Reference”) to this Tribunal a decision (“the Decision”) of the Authority dated 25 June 2024 refusing the Applicant’s application (“the Application”) for authorisation to carry out regulated activities.

The Authority refused the Application as it was not satisfied that the Applicant, if authorised, would satisfy and continue to satisfy the threshold conditions as required by section 55B(3) of the Financial Services and Markets Act 2000 (“FSMA”).

In summary, the Authority’s concerns which led to the Decision were that:

the Applicant had failed to demonstrate the level of cooperation that is expected of a regulated firm;

the Applicant had refused to provide information when asked to do so by the Authority as part of the authorisation process; and

the Applicant was unable and / or unwilling to demonstrate that it could comply with applicable requirements.