PCS’s liquidators had been asked by the FCA to apply to cancel its Part 4A permission, but they had declined to do so.
The FCA found that PCS had failed to satisfy the regulator’s threshold conditions and that its resources were not appropriate in relation to the regulated activities it had permission to carry on.
Specifically, the FCA said that PCS was unable to meet its liabilities as they had fallen due.
As a result, the Regulatory Decisions Committee of the FCA imposed a cancellation and issued PCS with a final notice.
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