FCA imposes restrictions on investment advisor Colbourne & Company
The UK Financial Conduct Authority (FCA) today announced the imposition of a number of restrictions on Colbourne & Company stopping it from carrying out any regulated activities due to concerns about the way it conducts its business.
The FCA considers that Colbourne & Company, a small IFA, has for a number of years been carrying out regulated activities outside its Part4A Permission. During this time, it has taken unauthorised fees, believed to total over £250,000, from a number of its retail clients, some of whom are elderly and who may be vulnerable.
Colbourne & Company is a sole trader, and Mr Anthony James Colbourne SMF16 is the only person in the firm who was able to conduct regulated activity on the firm’s behalf.
Colbourne & Company has the right to make written or oral representations to the FCA on the First Supervisory Notice. They also have the right to make a reference to the Upper Tribunal.
The restrictions will stop Colbourne & Company from carrying on any regulated activity and prevent it from reducing the value of its assets it holds, without the consent of the FCA. This means that Colbourne, inter alia, is not permitted to provide investment advice to, or arrange deals in investments for, retail clients.