The Penny Group Ltd
Reference number: 536216
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Appointed representative
This firm does not hold FCA authorisation of its own, and acts under a principal firm, which is legally responsible for its regulated business.
- Appointed for 15 years
- Protected through the principal
- No FCA actions
- Active company since 2017
- Accounts filed up to 31 March 2022
- One of its directors is also a director of a firm that is no longer authorised
Responsible principal firm
Openwork Limited Reference number: 408285 View firm →What does this mean?
- An appointed representative (AR) can carry out regulated financial services, but is not directly authorised by the FCA. A principal firm holds the authorisation and is legally responsible for the AR's conduct.
- The Penny Group Ltd (FRN 536216) is an AR of Openwork Limited (FRN 408285). When you use The Penny Group's services, the FCA authorisation sits with the principal firm.
- Example: if you take financial advice from The Penny Group, complaints and compensation usually follow the same rules as dealing with the principal, but this depends on the product and your circumstances.
- Before you proceed, confirm contact details match the official FCA register for both firms. Scammers sometimes clone legitimate AR names and FRNs but use fake phone numbers and websites.
Website, phone number and address
Compare these against whatever you were given. Scammers clone real firm names and reference numbers but use their own phone number and website, so a detail that does not match the register is the clearest warning sign there is.
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Phone number
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Address
7th Floor, 80 Cannon Street, London, EC4N 6HL, United Kingdom
In the full report: 3 background checks
- When thepennygroup.co.uk first appeared online, and whether it can receive email
- What kind of line 020 7061 2345 is
- Who else gives the postcode EC4N 6HL
Other names (3)
If you were contacted under any of these names, it is this firm.
- JSC Financial Trading name: A name it trades under now.
- Affari Partners LLP Former name: A name it was registered under before.
- The Penny Group London LLP Former name: A name it was registered under before.
FCA permissions and consumer protection
- Protection through the principal firmProtection works through Openwork Limited, the principal firm responsible for this firm's regulated activity. FSCS cover and the Financial Ombudsman Service apply as they would to the principal.
- Complaints Ombudsman, freeYou can refer a complaint about this firm to the Financial Ombudsman Service for free, whichever activity it relates to.
FCA disciplinary action and complaints
No FCA disciplinary action.
The Financial Ombudsman Service only publishes complaint figures for firms with 30 or more new complaints in six months, so there are none here for this firm.
Companies House record
The company behind the firm: its status, age, registered office and directors.
- Company number
- 11103804 (opens Companies House in a new tab)
- Company status
- Active
- Company type
- Private limited company
- Incorporated
- 8 December 2017 (8 years old)
- Registered office
- 7th Floor 80 Cannon Street, London, EC4N 6HL, United Kingdom
- Nature of business
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- Financial management (SIC 70221)
Directors and company secretaries
| Name | Role | Born | Appointed | Other companies |
|---|---|---|---|---|
| Clement Edward Cowley | Director | Dec 1985 | 8 Dec 2017 | 4 other companies |
| Michael Joseph Elworthy | Director | Jul 1983 | 8 Dec 2017 | 11 other companies |
| Graeme Joseph Morrissey | Director | Sep 1984 | 8 Dec 2017 | 12 other companies |
| Adam David John Roberts | Director | Nov 1982 | 8 Dec 2017 | 4 other companies |
Other companies run by these 4 directors
A firm is run by people, and their other companies are their track record: what they built, what closed, and anything that failed. It is the check most people never think to make.
- other companies
- 21
- closed down
- 8
- are FCA-registered
- 2
In the full report: all 21 companies, named
- What each company does, and whether it is still trading
- Which of these 4 directors sit on each board, and since when
- Any that went into liquidation or administration
- The 2 on the FCA register, including one no longer authorised
- The 9 companies these 4 directors run together
Filed accounts and finances
Net assets
£3.53m
No earlier figure to compare
Cash at bank
£1.63m
No earlier figure to compare
Employees (average)
49
No earlier figure to compare
Owed within a year
£2.44m
No earlier figure to compare
About these figures
- Turnover
- Money taken from sales in the year, before any costs.
- Profit before tax
- What was left after the year’s costs, before corporation tax. A minus figure is a loss.
- Net assets, or total equity
- Everything the company owns minus everything it owes. A minus figure means it owes more than it owns.
- Total assets and total liabilities
- Everything the company owns, and everything it owes, on the last day of the year. The gap between them is its net assets.
- Cash at bank
- Money in the company’s accounts on the last day of the year.
- Owed within a year, owed after a year
- Debts and bills due in the next twelve months, and those due later.
Accounts filed at Companies House for company 11103804. Every figure is as filed, apart from total assets and total liabilities, which are added up from filed figures. Nothing is estimated.
Key dates in its history
The Penny Group’s history from the FCA register and Companies House, newest first.
2022
15 August 2022
- The Penny Group Holdings Ltd took control (75–100% of shares)
Companies House
2018
2 January 2018
- Changed its registered name from "The Penny Group London LLP"
FCA register
2017
8 December 2017
- Incorporated at Companies House
Companies House
2010
22 December 2010
- Changed its registered name from "Affari Partners LLP"
FCA register
19 November 2010
- Became an appointed representative
FCA register
In the full report: all 10 events
- All 10 events in its history (5 shown here)
- Every director appointment and resignation: 4
Firms connected to The Penny Group
Other FCA-listed firms that share a director, phone number or address with The Penny Group. A link shows who the firm is tied to, not whether either can be trusted.
- connected firms
- 2
- no longer authorised
- 1
- share a director
- 2
In the full report: all 2 connected firms, named
- How each is linked: shared directors (2)
- Who links each one: the named directors, with dates
Firms like The Penny Group
Other firms of the same type (financial adviser), nearest first.
In London
Firms are listed by type and location, best known first. Being listed is not a recommendation: check any firm before you deal with it.
Get the full report on The Penny Group
Everything on this page, plus everything locked above, in one dated PDF you can keep, file or send on.
- 21 other companies its directors have run, named
- 3 background checks on its contact details
- All 10 events in its history
- 2 connected firms, named, and who links them
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Frequently asked questions about this firm
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How long has The Penny Group been in business?
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Does The Penny Group use any other names?
Sources and links
- Its entry on the FCA register register.fca.org.uk
- Its Companies House record gov.uk
- Complaints the Financial Ombudsman Service can help with financial-ombudsman.org.uk
- Report a scam to the FCA fca.org.uk