We previously set out our expectations of firms in the Temporary Permissions Regime (TPR). If they missed their landing slot or failed to apply by 31 December 2022, we expected them to voluntarily cancel their temporary permissions.
If this did not happen, we would act to cancel a firm’s permissions as the TPR should only be used by firms wanting to operate in the UK in the long-term and meet the required standards. We have previously taken action on this basis.
We have removed the permissions of Wellington Court Financial Services Limited for missing its landing slot and failing to apply for authorisation in a timely manner. The firm closed its UK establishment in December 2021.
The Financial Services Compensation Scheme (FSCS) has been working with the FCA and Financial Ombudsman Service to investigate its activities. If you believe you received bad advice from the firm to transfer pension benefits (defined benefit or personal pension etc) into a self-invested personal pension (SIPP), you can make a claim against the firm to FSCS.