Manchester Insurance Agent Stripped of Regulatory Permissions
The Financial Conduct Authority (FCA) has halted regulated business at Manchester-based life insurance distributor Compared Life Ltd (FRN 815068) as of May 21, 2025. The regulator revoked the firm’s part 4A permissions due to the company’s failure to carry out regulated activities and pay required fees.
Compared Life Ltd, authorized by the FCA on November 29, 2018, had permissions to conduct insurance distribution activities, including advising and investment deals. However, the firm failed to pay an invoice of £1,708.15 dated August 15, 2023, and did not submit necessary returns. The FCA issued a warning in February 2025, stating that it would cancel the firm’s permissions unless remedial actions were taken. Despite a further notice in March, Compared Life Ltd failed to comply.
The company, originally known as ZF Financial Services, was incorporated in July 2016 by directors Zayn Mamood and Fazeala Afzaal. It changed its name to Compared Life after Mr. Mamood’s resignation in 2017. The firm has until May 20, 2026, to apply for an annulment of the FCA’s decision.
Compared Life Ltd had marketed itself as finding the best insurance deals for clients. The FCA’s action underscores the importance of compliance with regulatory requirements for financial services firms.
