FCA Bans Renaissance Advisory from Conducting Regulated Activities Permanently

The UK Financial Conduct Authority (FCA) announced the decision to remove Renaissance Advisory Ltd (Renaissance Advisory)'s following regulated activities under the Financial Services and Markets Act 2000 (the Act): 1) Secondary credit broking; and 2) Agreeing to carry on a regulated activity.

The FCA has identified serious concerns relating to Renaissance Advisory in that its conduct appears to demonstrate that it is not fit and proper and poses a significant risk of harm to consumers. Specifically:

• Renaissance Advisory has links to Marvell, to whom the FCA issued a First Supervisory Notice for carrying out investment activities outside the scope of its permissions and misleading investors over the extent of its regulated status. Information filed by Renaissance Advisory on Companies House records that Marvell is a significant controller, and its shareholding appears to have been acquired before, but filed after, Renaissance was authorised. Renaissance Advisory did not disclose this information to the Authority during or after its authorisation. The sequence of events suggests that Renaissance misled the Authority about its controllers during the authorisation process.

• Renaissance Advisory also appears to be connected to Grosvenor, to whom the Authority issued a First Supervisory Notice due to its apparent links to firms that the Authority has warned about for engaging in unauthorised business, and for providing misleading information about its controllers and intended business at authorisation.

• ​Renaissance Advisory has failed to respond to three information requirements issued under section 165 of the Act requiring clarity on its business model, current activities and links to Marvell. The FCA has also been unable to reach Renaissance Advisory through calls to its director.