FCA imposes restrictions on Campbell & Associates Independent Financial Advice Ltd
The UK Financial Conduct Authority (FCA) has imposed a set of restrictions on Campbell & Associates Independent Financial Advice Ltd preventing it from carrying out any regulated activities and restricting access to its assets due to concerns about the potential misappropriation of client funds by the firm.
The firm must immediately cease carrying on all regulated activities for which it has a Part 4A permission, other than where it has the express written consent of the Authority.
Also, the firm must secure all books and records and preserve all information, including material held via online/cloud-based systems to which the firm has access, in relation to regulated activities carried on by it. These include but are not limited to all:
- a. Client lists;
- b. Communications with clients; and
- c. Financial records.
These books and records must be retained in a form and at a location within the UK to be notified to the Authority within 24 hours of the receipt of this notice. The records must be retained in a form and at a location such that they can be provided to the Authority, or to a person named by the Authority, promptly upon its request.