The UK Financial Conduct Authority (FCA) has removed all regulatory permissions from Verus Financial Services Limited requiring it to stop conducting all regulated activities and imposed a more stringent assets restriction.

The action follows concerns that the firm has repeatedly breached an existing asset restriction, which prevented it from selling, transferring or diminishing its assets without FCA’s approval. It also failed to comply with a Financial Ombudsman Service decision.

Following a review of the firm’s representations, the FCA issued a First Supervisory Notice on 27 October 2025, which outlines the basis for imposing the restrictions:

• Asset restriction breach – the firm has, by its own admission, repeatedly and deliberately breached an asset restriction the firm agreed to on 7 September 2023.
• Unpaid Financial Ombudsman Award – the firm has failed to comply with a decision by the Financial Ombudsman made against the firm and in favour of a customer contrary to DISP 3.7.12.1R, and Principle 6 (Customer’s interest).
• Uncooperative – the firm has not been open and cooperative with the FCA.

The firm must not conduct regulated activity and can no longer act as an independent financial adviser or provide financial advice. There is no direct correlation between the restrictions imposed on the firm and the performance of underlying investments arranged by the firm.