The UK Financial Conduct Authority (FCA) today imposed restrictions on Dolfin Financial (UK) Ltd due to concerns about the way it conducts its business.
Dolfin is a wealth management firm. It provides wealth management services to retail and professional clients on a range of investment securities, such as shares, government and corporate bonds, and investment funds. The firm also provides Tier 1 investor visa services.
The restrictions will stop Dolfin from carrying on any regulated activity and prevent it from reducing the value of its assets, or any of the client money or custody assets it holds, without the consent of the FCA.
The regulator has identified a number of serious concerns around the way that Dolfin operates its business, including the firm’s Tier 1 investor visa business activities and financial crime controls.
The FCA has been working with Dolfin while it took steps to try and address these concerns, including imposing voluntary restrictions on its regulated activities on 24 December 2019, and commissioning a Skilled Persons Review. However, following the conclusion of the Skilled Persons Review and developments that have taken place since, the FCA has determined that it is appropriate in the interests of protecting the integrity of the UK financial system to stop the firm from carrying out regulated activities and has imposed these restrictions.
Clients of Dolfin will not be able to trade, withdraw, transfer, or otherwise use their custody assets or client monies held by Dolfin while the restrictions are in place, without the consent of the FCA.
It is currently uncertain how long it will be necessary for the restrictions to remain in force as this is subject to the FCA’s concerns being addressed by the firm.