The FCA has published a supervisory notice addressed to Frensham Wealth Limited. The notice removes all regulatory activities from the firm’s Part 4A permissions with immediate effect. This follows the FCA’s recent order prohibiting Mr Frensham, the firm’s sole director, from performing any functions in relation to regulated activities and withdrawing his approval to perform SMFs.
In addition, the FCA has imposed the following requirements on the firm:
- It must notify all customers in writing of the variation of its permission by 4pm on 6 December 2021;
- It must either update its website to state that it does not have permission to carry on any regulated activities, or remove its website from the internet by 4pm on 6 December 2021; and
- It must preserve all records and information relating to all business or transactions involving conducting a regulated activity which it is or has been permitted to carry on, such that they can be provided to the FCA promptly on request.
The notice describes that the reason for the FCA’s action is that it considers that the firm is failing, or is likely to fail, to satisfy the Suitability Threshold Condition and the Appropriate Resources Threshold Condition. Additionally, it states that the action is desirable in order to advance the protection of consumers and the integrity of the UK financial system.