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FCA removes permissions of brokerage firm

Company was never authorised ‘to provide investment services’

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The Financial Conduct Authority (FCA) has stripped credit broker Renaissance Advisory of its permissions.

This means the firm is no longer authorised to “carry out any regulated activities”, and that any investments with the company may not be protected, it added.

International Adviser carried out a search on Google, which said that it is a “technology and financial advisor to the digital economy”. But IA was unable to access the Renaissance Advisory website at the time of publication.

According to the FCA Register, the company was authorised in March 2021 for “specific activities and product types”, but the regulator said it “has never been permitted to provide investment services”.

There is only one individual reported in connection to Renaissance Advisory named Rajan Shah. IA contacted Shah but did not receive a comment in time for publication.

‘Network’ of companies

It also appears that Renaissance was connected to another firm called Marvell Enterprises, which the FCA both warned consumers about and removed its permissions in November 2021.

The regulator said: “Marvell appeared to have been carrying out investment activities for which it did not have permission and consumers may have invested substantial sums in bonds or loan notes issued by Marvell.

“Consumers may have been misled about the scope of Marvell’s permissions and the protection afforded to their investments. Due to this connection, we are concerned that Renaissance may also be offering investments to customers.

“We believe these firms may be part of a network of credit brokers that are offering investments to consumers which may not be protected. Customers are strongly encouraged to see the information available on our website before making any payments in relation to investments.

“Customers are also advised when considering an investment to check both that they are dealing with a firm that is authorised and that the firm holds investment permissions.”

Renaissance has the right to appeal the decision to a tribunal.

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