16 June 2023
The PSA and Kalastia Consulting Limited (Kalastia) have reached a settlement in the investigation into Kalastia’s failure to provide information and its concealment/provision of false and misleading information to the PSA.
The PSA initially opened an investigation into Kalastia based on concerns about its due diligence, risk assessment and control (DDRAC) as a result of receiving over 3,000 complaints in relation to subscription-based alerts services run by providers that it contracted with. During this investigation Kalastia failed to provide information and concealed/provided false and misleading information to the PSA.
Both parties agreed that the breaches were very serious and Kalastia agreed to pay a fine of £350,000 plus administrative costs and agreed to a prohibition form any involvement in PRS for five years.