The FSA has withdrawn the permissions of a firm in liquidation.

The regulator said the resources of South Wales Financial Services Limited (SWFSL) are not adequate in relation to the regulated activities it has permission to carry on. Specifically, SWFSL is unable to meet its liabilities as they have fallen due.

These failings, the FSA said, are significant and material in relation to the regulated activities for which SWFSL has permission, and SWFSL therefore fails to satisfy Threshold Condition 4 (Adequate resources).