IFA hit by restrictions imposed by FCA

The Financial Conduct Authority (FCA) has imposed several restrictions on an independent financial adviser (IFA) to stop them from conducting any regulated activity.

Restrictions were placed on the senior manager of Campbell & Associates Independent Financial Advice, Lisa Campbell, on 9 February this year after the FCA stated it had “serious concerns” about the conduct of the firm.

Campbell’s firm was issued with a First Supervisory Notice on 10 February, when the regulator suggested that as the firm’s sole director, she may have “misappropriated £1.5m of a client’s funds”, including handing client funds without the required Part 4A permission, as well as failed to repay the client’s funds as promised.

According to the FCA, Campbell & Associates Independent Financial Advice has permissions to provide advice and arrange deals in investments and pensions, but does not have permission to hold client money.

In its notice on 10 February, the regulator warned it was necessary to impose the requirements on an “urgent basis”, given the seriousness of the risks and the need to protect consumers.

However, in the time since the FCA’s removal of the firm’s Part 4A permissions on 9 February, the regulator suggested Campbell “may have continued to conduct regulated activity”, as well as made “misleading statements” about the about the firm’s compliance with the notification requirements.

As a result, conditions have been placed on Campbell that prevent her from performing any activity for which she has approval, without the regulator’s consent.

“We have taken this action because of concerns that Mrs Campbell has not complied with restrictions imposed on the firm on 9 February or adhered to the terms of the firm’s First Supervisory Notice published on 10 February,” an FCA statement said.

Campbell has the right to make written or oral representations to the FCA on the First Supervisory Notice published on 4 April, and she also has the right to make a reference to the Upper Tribunal.

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