The Financial Services Authority has banned an independent financial adviser from carrying out regulated services because he failed to pay his regulation fees.
Herefordshire-based Peter Lea, of Peter Lea Financial Management, owed the Regulator £2,669.48 in regulatory fees and levies despite repeated requests for the bill to be paid. He has consequently been served a Final Notice cancelling his permission to carry out regulated activities.
The FSA stated: "This failing, which is significant in the context of Peter Lea's suitability, led the FSA to conclude that Peter Lea is not conducting his business soundly and prudently and in compliance with the proper standards and that he is not a fit and proper person, and that Peter Lea is therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which he has had Part IV permission."
Earlier this year, the FSA issued a Decision Notice regarding Lea, which he did not appeal.
