The UK's Financial Conduct Authority has cancelled MI Wealth's "investment permissions" after it failed to submit the required Retail Mediation Activities Return.

The regulator said in its final notice that it was not satisfied that MI Wealth was “fit and proper” and that it had not been open and co-operative in all its dealings with the authority. According to the FCA, the firm, based in the town of Stoke-on-Trent in Staffordshire, failed to respond adequately to repeated requests to submit the RMAR. It had issued a warning notice to the company on 14th January.

“These failures, which are significant in the context of MI Wealth’s suitability, lead the authority to conclude that MI Wealth has failed to manage its business in such a way as to ensure that its affairs are conducted in a sound and prudent manner...and that it is therefore failing to satisfy the Threshold Conditions in relation to the regulated activities for which MI Wealth has had a permission,” said an FCA official.