The FCA has halted regulated business at Manchester-based life insurance distributor Compared Life Ltd (FRN 815068).

The regulator stepped in on 21 May to revoke the firm’s part 4A permissions, cancelling its right to carry out regulated business.

The FCA said it took action because it considered that the firm is carrying on no regulated activity to which the firm’s part 4A permission relates.

The firm failed to pay fees and submit returns, the FCA said. In particular it failed to pay an invoice dated 15 August 2023 for periodic fees and levies of £1,708.15 which had been due for payment by 14 September 2023.

Compared Life was authorised by the FCA on 29 November 2018 and had a part 4A permission to conduct regulated activities in relation to insurance distribution including advising, investment deals and credit broking.

According to Companies House records, the firm had been incorporated in July 2016 to conduct life insurance business. It was known as ZF Financial Services between July 2016 and December 2017 after having been set up by directors Zayn Mamood and Fazeala Afzaal.

The business changed its name to Compared Life after Mr Mamood resigned in 2017.

According to the firm’s own promotional material: “Here at Compared Life, we pride ourselves on finding the best insurance deal for you.”

In February the FCA gave the firm a warning that it would cancel its part 4A permissions unless it took steps to remedy the situation. Compared Life failed to respond to the notice.

In March the FCA gave the firm a further notice which stated that it would cancel the firm’s Part 4A permission unless it “takes the steps specified in the directions to the Further Notice.” The firm failed to take the steps specified.

Compared Life has until 20 May 2026 to apply for an annulment of the FCA decision.