The City regulator has announced significant regulatory actions against three automotive companies: Keegan Motors Ltd, Ayaan Motors Limited, and Max Automotive Ltd.
Keegan Motors: Keegan Motors Ltd, authorised by the FCA in 2019, has had its Part 4A permission cancelled by the Authority. This decision, effective immediately, follows the firm’s failure to fulfil financial obligations and regulatory requirements, including non-payment of periodic fees and levies and failure to submit required reports and documentation within stipulated deadlines.
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Ayaan Motors: Similarly, Ayaan Motors Limited, an authorised firm in the automotive sector, faced regulatory scrutiny from the FCA. The Authority issued a notice of decision to cancel Ayaan Motors’ Part 4A permission due to concerns over non-compliance with financial obligations and regulatory reporting requirements. The firm has been given a deadline to respond or face cancellation of its authorisation.
Max Automotive Ltd: In a separate development, Max Automotive also received regulatory action from the FCA. The Authority issued a notice of decision to vary Max Automotive’s Part 4A permission, imposing restrictions on certain regulated activities. This decision comes as a result of the firm’s failure to adhere to financial regulations and comply with reporting obligations.
Next Steps: Affected firms, including Keegan Motors Ltd, Ayaan Motors, and Max Automotive, have the option to respond to the FCA’s notices and take corrective actions to address the concerns raised by the Authority. Failure to do so may result in further regulatory action, including cancellation of Part 4A permissions or additional restrictions on regulated activities, the FCA said in a note.
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