Premier League football club Wolves have had their right to offer credit brokering services removed by the Financial Conduct Authority.
The regulator took the step of cancelling the club’s Part 4A permission on Friday after concluding that Wolves were not using it.
Wolves had held the licence since November 2016 and were warned by the FCA in April and July that it would be removed unless the club provided evidence of its use.
The move does not imply any wrongdoing by the Midlands team. Rather it is a proactive step taken by the financial watchdog to remove unnecessary administrative work.
In a filing dated 16 August, the FCA said: “The Authority has taken this action because, based on the facts and matters set out below, it considers that the Firm is carrying on no regulated activity to which the Firm’s Part 4A permission relates.
“The cancellation takes effect on the date of this Notice of Decision. The effect of the cancellation is that the Firm no longer has permission to carry on any regulated activities.”
The Financial Conduct Authority permission dates back to shortly after Wolves were taken over by Chinese conglomerate Fosun in July 2016.
The three-time English champions have re-established themselves as a top-flight club since winning promotion to the Premier League in 2018.
They have been forced to sell star players such as Matheus Nunes, Pedro Neto and Max Kilman in recent months in order to satisfy the competition’s financial rules.