The UK-based investment advisor Omagis Capital has been censured for not co-operating with the country’s financial regulator, the Financial Services Authority.

Omagis broke FSA rules by not conducting a skilled person’s report, and then ignored repeated requests to oblige, the FSA said in a statement. The FSA said it had "cancelled permission" for the business.

Section 166 of the Financial Services and Markets Act of 2000 gives the UK regulator right to request firms to seek specialist assistance. Principle 11 of the FSA’s Principles for Businesses says that a firm must deal with its regulators in an open and co-operative way, it said.

“Skilled person reports are vital to identify when and where consumer detriment has occurred. By failing to work with the skilled person and the FSA in an open and co-operative way, Omagis stood in the way of that process,” said the FSA’s head of retail enforcement, Tom Spender.

The company was first stopped from doing business in February this year, the FSA said. The legal process was concluded at the end of last week. 

The regulator, which is losing some of its key bank regulation powers to the Bank of England as part of an overhaul, has been flexing its muscles in recent months. In its annual report, the FSA said it has imposed almost £100 million (around $162 million) of fines in the 2010-11 financial year. The biggest fine against a firm comprised £33.3 million against JP Morgan Securities for failing to protect client money by segregating it properly.

Last week, the FSA also told the UK wealth management sector to ensure clients are sold suitable products. It found that more than a dozen firms pose a high or medium risk to their customers. It also warned that the dangers may be more widespread than were identified from a review of 16 firms.