FCA strips advisor of permissions

The regulator has announced it has stripped a commercial property advisor firm of its permissions due to conduct failures.

On the 8^th October, the Financial Conduct Authority (FCA) cancelled the permissions given to Surrey-based firm Castle Wildish Chartered Surveyors of Surrey House,  Hersham Green,  Walton-on-Thames, after finding it is not “a fit and proper person” and failed to satisfy Threshold Conditions.

It was also concluded by the Regulatory Decisions Committee that Castle Wildish “failed to comply” with requirements to submit its Retail Mediation Activities (RMAR) in May this year. Also, it was concluded to have not been “open and cooperative” with the regulator as well as failing to show it is “ready, willing and organised” to comply with the FCA’s requirements.

The above failures lead to the regulator being unsatisfied as to whether Castle Wildish managed its business “in such a way as to ensure that its affairs are conducted in a sound and prudent manner.”

The authority previously gave a Decision Notice to the firm on the 3rd September 2014, where it did not refer the matter to the tribunal within the 28 days given. Consequently, the FCA cancelled its permission.

Castle Wildish Chartered Surveyors provides asset management advice to clients in order for them to maximise returns for their property portfolios. It trades within the residential and commercial property sectors including multi-let buildings, industrial estates and multi-let office investments, and provides asset valuations, rent and service charge collection and property inspections amongst others.

The Surveying firm stated on its site that it provides “unbiased strategic advice” and its knowledge of the marketplace enables it to “quickly identify suitable properties for clients to ensure their requirements are effectively met.”