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

The London-based independent financial advisor, [tag|Berkeley Consultants UK Limited|]Berkeley Consultants UK Limited[/tag], 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.