Laura WilesThe FCA has published a First Supervisory Notice against Hydrogard Legal Services Limited, a firm with claims management permissions, requiring it to immediate cease carrying on all regulated activities other than with express written consent of the regulation.
The FCA issued the notice on the basis of serious concerns that Hydrogard is failing, or is likely to fail, to satisfy the Threshold Conditions, and that it is desirable for the FCA to advance its operational objective of securing an appropriate degree of protection for consumers.
In respect of the Threshold Conditions, the FCA does not consider Hydrogard capable of being effectively supervised because it has not complied with SUP requirements, namely by failing to notify the FCA that it had been made aware of a Trading Standards investigation had been started into its affairs. Further, the FCA had concerns over the fitness and propriety of the firm.