The FCA has revoked the authorisation of Manchester-based claims management firm Financial Recovery Solutions Ltd (FRN: 836358) because it said that it considers that the firm is carrying on no regulated activity.

The regulator decided to cancel the Firm’s Part 4A permission on 4 September.

Financial Recovery Solutions was authorised by the FCA on 22 October 2019 to carry out regulated activities in relation to claims management.

It had a Part 4A permission to advise, investigate or represent in relation to a financial services or financial product claim, as well claims relating to personal injury, housing disrepair, benefits, criminal injury or employment.

The firm had three other trading names as well as Financial Recovery Solutions, according to the FCA Register. The names, all registered on 1 April in 2019, were Claims Detectives, FRS and FRS Plus.

There were three people involved with the firm, according to the FCA Register: Giancarlo Lagonegro, Matthew Sharp and Melenie Louise Gilday.

According to Companies House listings, the firm was incorporated in June 2008.

The listings showed that the firm had three directors from 2008, two of which subsequently resigned. Samantha Bryan resigned as company secretary in 2017 while Giancarlo Lagonegro resigned as a director in March 2024, leaving Matthew Sharp as sole director.

Mr Sharp has been a director of seven companies, according to the records, including call centre management company Toro Media, and four firms listed as financial management companies: Census Plus, Audits Plus, Life Plus Group and Money Relief.

Financial Recovery Solutions failed to submit required returns to the regulator prompting the FCA to give the firm notice on 19 March that it intended to take action to cancel the firm’s Part 4A permission unless it responded. It failed to respond to the notice. It also failed to respond to a further notice published on 7 August.

On 4 September the FCA cancelled the firm’s permissions. It said: “The Authority considers that the Firm is carrying on no regulated activity to which its Part 4A permission relates. The Authority has therefore decided to cancel the Firm’s Part 4A permission.”

If the firm wants to apply for an annulment of the FCA’s decision it must submit a completed application to the regulator by 3 September 2026, the FCA said.