The UK Financial Conduct Authority (FCA) announces that it has imposed a set of restrictions on Nexus Independent Financial Advisers and Nexus Investment Managers.

The restrictions, which came into effect on January 25, 2023, prevent the firms from carrying out any regulated activities and restrict access to their assets due to concerns about use of certain funds that appear to have been withdrawn by a senior individual in the firms.

The firms must immediately cease carrying on all regulated activities for which they have a Part 4A permission, other than where they have the express written consent of the FCA.

Also, the firms must not on-board any new customers.

The firms must secure all books and records and preserve all information, including material held via online/cloud-based systems to which the firms have access, in relation to regulated activities carried on by it.

The firms must not, without the prior written consent of the Authority, take any action which has, or may have, the effect of in any way disposing of, withdrawing, transferring, dealing with or diminishing the value of any of their own assets, whether in the United Kingdom or elsewhere (including, but not limited to, any assets or funds held by the Firm with either Bank A and Bank B).

Nexus Independent Financial Advisers and Nexus Investment Managers have 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.