The independent financial advisor Berkeley Consultants UK Limited has had its permissions stripped by the Financial Conduct Authority.

The London-based independent financial advisor, Berkeley
Consultants UK Limited, has had its permissions stripped by the Financial
Conduct Authority after it was placed in compulsory liquidation by HM Revenue
and Customs two months ago.

On 16 September the company was wound up and placed in
compulsory liquidation following a petition from the UK tax authority, HM Revenue and
Customs.

According to the Financial Services Register, on 11 November
the FCA issued a decision notice stating its intention to strip the company of
its permissions.

The company then failed to ensure its affairs were conducted
in a sound and prudent manner and in compliance with proper standards, the
regulator said in a final notice.

Berkeley
failed repeatedly to submit its retail mediation activities review promptly and
failed altogether to submit them for the periods ended 30 November 2012 and 31
May 2013.

The firm also failed to adequately respond to correspondence
from the regulator, the FCA said.

Together, these failings led the FCA to conclude that the
IFA had failed to meet the threshold conditions required to keep its
permissions intact and as such, they were revoked yesterday.