The UK Financial Conduct Authority (FCA) has imposed restrictions on independent financial adviser Advantage Wealth Management Ltd (AWM).

The firm must not dispose of any assets or conduct any regulated activities without the written consent of the FCA.

The action follows concerns that AWM is not being managed in a way that ensures that its affairs are conducted in a sound and prudent manner.

The FCA explains that it has concerns regarding:

• Treatment of customers – the FCA has concerns about the circumstances in which several AWM customers had their investments moved into cash holdings.
• Appropriate financial resources – the FCA is not satisfied that AWM has or will have appropriate financial resources.
• Levels of cooperation – AWM has not been open and cooperative with the FCA.

The firm must not conduct any regulated activities without the FCA’s prior written consent and, as a result, can no longer act as an independent financial adviser or provide financial advice.

Customers of AWM should seek to find a new financial adviser – there is information on finding an adviser on the Money Helper website.