Ron Treherne IFA Ltd of Cardiff has had its permission to carry out regulated business removed by the FCA after it failed to pay Financial Ombudsman awards against it.
The FCA has cancelled Treherne’s Part 4A permission stopping the firm from carrying out regulated business.
The watchdog said principal Ronald Treherne had demonstrated he was “not a fit and proper person.”
Treherne did not refer the decision to appeal within 28 days of the notice, according to the FCA decision notice.
In two complaints against the firm, cited by the FCA, one client complained that he lost out in a wrongly-advised transfer of his existing pension into a SIPP. The FOS found against Treherne which failed to comply, despite repeated requests by the FOS and the FCA that it do so.
The second cases also involved a transfer of a pension to a SIPP. In this second case the FOS ordered Treherne to pay the client a lump sum of £132,124.47. Despite repeated requests Treherne failed to do so.
Treherne has also failed to demonstrate that it has valid Professional Indemnity Insurance cover.
The FCA says Treherne informed it by email on 8 February 2019 that Ronald Treherne had been retired for five months and no longer practiced as an IFA, and was intending to apply for cancellation of Treherne’s Part 4A permission. However, the FCA says no such application to cancel Treherne’s authorisation was received.
On 26 June 2019, Treherne entered into an agreement with the FCA which prevented Treherne from advising on investments, advising on P2P agreements, arranging deals in investments business and making arrangements for investment business.
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