Adelphi Special Risks Loses FCA Permission
The Financial Conduct Authority (FCA) cancelled the regulated permission of Adelphi Special Risks Limited yesterday, after concluding the Macclesfield firm failed the suitability threshold condition. The suitability threshold condition is the baseline test of whether a firm is fit to hold authorisation. The FCA published its Final Notice, its formal public record of the decision, on 4 November 2026. The FCA register now shows the firm, reference number 601531 and trading as Adelphi Special Risks, as revoked since that date “as a result of enforcement action”.
According to FX News Group, the FCA concluded the firm was not fit and proper. Adelphi failed to be open and co-operative with the regulator, did not provide information the FCA requested and did not submit its returns, the periodic regulatory reports authorised firms must file. The FCA was also not satisfied the business was managed soundly and prudently, and the action advances its consumer protection and integrity objectives.
The firm’s former permissions covered advising on investments (except pension transfers and opt outs), advising on peer-to-peer agreements, arranging deals in investments, dealing in investments as agent, credit broking, debt administration, and assisting in the administration and performance of a contract of insurance. That mix suggests Adelphi appears to be an insurance intermediary rather than a foreign exchange or contracts for difference broker.
No fine has been reported. The consequence is the loss of authorisation, which means the firm can no longer provide regulated activities and products. For compliance teams, the case shows that unanswered FCA information requests and missed returns can end a firm’s permission.
