IFAC came across a firm this week that had a stinging rejection email from the FCA, who refused to authorize the firm and one of the reasons was as follows:
...(your) "website does not currently set out the correct legal name of the firm on its website. The firm advertises itself as xxx Ltd rather than xxx Limited, its legal name as registered at Companies House.
Under CONC 3.7.6, we require that:
"all financial promotions and communications with customers specify the legal name of the firm: the rule does not prohibit the use of trading names, but does require the legal name to be given in addition to any trading name used. If the firm is a company registered under the Companies Act 2006, the firm's legal name will be the name by which it is registered." â€¦'A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.'
Are you using LTD or LIMITED in your company title? It may not mean much to you, but it means a lot to the FCA, and youâ€™d better get it right and make sure it matches Companies House. And just because the FCA donâ€™t get it right on their own register doesnâ€™t mean you can get away with this. IFAC will be checking your website as part of our service over the coming months.