June 16, 2024
News

FCA revokes regulatory permission for Hillfield Motor Company

The Financial Conduct Authority (FCA) has announced the cancellation of Hillfield Motor Company Limited’s Part 4A permission, effective immediately. This decision comes after the FCA determined that Hillfield Motor Company was not conducting any regulated activities under its granted permissions.

The cancellation means Hillfield Motor Company can no longer carry on any regulated activities. This action follows an extensive review and multiple warnings issued by the FCA regarding the firm’s compliance with regulatory requirements.

Hillfield Motor Company, authorised by the FCA on 25 February 2015, held permissions to conduct various consumer credit activities, including credit broking, debt adjusting, and debt counselling. However, the firm failed to submit required regulatory returns and firm details attestations (FDA) over several periods, prompting the FCA to reassess its compliance status.

According to the FCA, the firm did not submit the CCR007 returns due between 1 August 2020 and 31 July 2023, nor did it respond to regulatory notices issued in March and April 2024. These notices required the firm to confirm its ongoing regulated activities or face cancellation of its permissions.

“The FCA has taken this action because Hillfield Motor Company has consistently failed to provide necessary information and adhere to regulatory requirements,” the Authority stated. “Our priority is to ensure that firms carrying on regulated activities meet the required standards to protect consumers and maintain market integrity.”

Despite multiple opportunities to comply, Hillfield Motor Company did not respond adequately, leading to the final decision to cancel its Part 4A permission. The FCA’s decision underscores its commitment to maintaining rigorous oversight and ensuring that all authorised firms operate within the set regulatory framework.

The FCA emphasised that it remains committed to protecting consumers and enhancing the integrity of the UK financial system by holding firms accountable for their regulatory obligations.

Hillfield Motor Company has the right to apply for annulment of the FCA’s decision by 20 May 2025, though it has no right to refer the decision to the Upper Tribunal.


FAQs

Here are some frequently asked questions about the cancellation of Hillfield Motor Company Limited’s Part 4A permission:

  • 1. What led to the cancellation of the firm’s permission?
  • 2. Can Hillfield Motor Company apply for annulment of the FCA’s decision?
  • 3. What consumer credit activities was the firm authorised to conduct?

Conclusion

The cancellation of Hillfield Motor Company Limited’s Part 4A permission by the FCA highlights the importance of regulatory compliance and adherence to set standards in the financial industry. It serves as a reminder to authorised firms to fulfill their obligations to protect consumers and maintain market integrity.

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