FCA restricts IFA activities

The FCA has stopped another IFA from carrying out any regulated activities and has imposed a restriction on asset disposal. The action, against Advantage Wealth Management Ltd, follows FCA’s concerns about how the firm is conducting its affairs. In particular, it is concerned that the firm may not have appropriate financial resources and is worried about the circumstances in which several of the firm’s customers had their investments moved into cash holdings. It also says the firm has not been open and cooperative.

The FCA advises customers to seek a new IFA.