Exciting News: KBFS Financial Limited, based in Weymouth, has had its authorization to carry out regulated activities cancelled by the FCA. This means that the company is no longer authorized to carry out regulated activities.
Back in October, the FCA found that KBFS had failed to pay compensation awarded by the FOS for unsuitable advice given to clients. The company also failed to provide the FCA with the requested information about its financial situation and the rewards it owed to the Financial Ombudsman Service.
As a result, the FCA imposed restrictions on KBFS, preventing it from carrying out regulated activities and restricting access to its assets. The company had been authorized by the FCA in July 2019 to provide advice on investments, P2P agreements, pension transfers, and retirement withdrawals.
However, KBFS failed to meet its financial obligations to the FCA, leading to the cancellation of its authorization. The company’s directors, Nicholas Brown, Kathryn Brown, and Michael Brown, had also submitted a request to deregister the company, which was suspended due to an objection received by Companies House.
