FCA suspends broker’s permission to carry out regulated activities

The FCA has suspended George Baker (Insurance Brokers) Limited’s permission to carry out regulated activities.

According to a decision notice published by the FCA yesterday (11 March 2025), the broker “failed to pay periodic fees and levies owed to the authority as required under the handbook”.

“In particular, the firm has failed to pay an invoice dated 20 August 2024 for periodic fees and levies of £2,146.44, which had been due for payment by 19 September 2024,” the regulator added.

The broker was also required to submit a firm details attestation (FDA) to the FCA by the relevant due date, although failed to do this.

After George Baker (Insurance Brokers) failed to respond to a notice from the FCA on 30 September last year, the regulator sent a further notice in October.

This stated that the FCA “proposes to cancel the firm’s part 4A permission unless the firm takes the steps specified in the directions to the further notice”.

Part 4A permission means permission to conduct regulated activities, granted by the FCA.

Verdict

The FCA said the broker failed to take the steps specified in the further notice.

As a result, it “considers that the firm is carrying on no regulated activity to which its part 4A permission relates.

“The authority has therefore decided to cancel the firm’s part 4A permission,” the regulator said.

“The cancellation of the firm’s part 4A permission takes effect on the date of this notice of decision.”