The UK Financial Conduct Authority (FCA) today announced that it has cancelled Arumpro Capital Limited (ACL)’s Part 4A permission.
ACL has failed to respond to repeated requests for the provision of information, namely the information set out in the TPR Attestation Survey. Authorised firms (and those seeking authorisation) are expected to engage with the Authority in an open and cooperative way.
The authority has concluded that ACL is failing to satisfy the suitability and effective supervision threshold conditions. In particular, the authority is not satisfied that ACL is fit and proper having regard to all the circumstances or that it can be effectively supervised.
Specifically, ACL has failed to be open and co-operative in all its dealings with the authority, and as a result, the authority is not satisfied that ACL’s business is being, or will be, managed in such a way as to ensure that its affairs will be conducted in a sound and prudent manner or that ACL is ready, willing and organised to comply with the requirements and standards under the regulatory system.
On 31 January 2019, ACL submitted the TPR Notification Form notifying the Authority that it wished to enter into the TPR in order to obtain a temporary Part 4A permission to carry on regulated activity in the UK under the passporting arrangements set out in Schedule 3 or 4 of the Act.
On 21 January 2021, the Authority informed ACL by email that it had been granted a deemed Part 4A permission and was now regulated by the Authority for its UK business.
On 25 January 2021, the Authority sent an email to ACL using the ‘key contact’ details in the TPR Notification Form requiring ACL, in accordance with section 165 of the Act, to provide the information requested within the TPR Attestation Survey by 29 January 2021.
On 28 January 2021, using the same ‘key contact’ email address for ACL, the Authority sent an email to ACL, reminding ACL that the required information within the TPR Attestation Survey was to be provided by 29 January 2021.
On 4 February 2021, the Authority sent an email to ACL using the same ‘key contact’ email address stating that the information ACL was required to provide within the TPR Attestation Survey was now overdue. The Authority gave ACL a revised deadline of 11 February 2021 to provide the information specified in the TPR Attestation Survey.
To date, the FCA has not received any response to its requests for information, including those dated 25 and 28 January 2021 and 4 February 2021 and ACL has failed to provide the information.
