The FCA has imposed restrictions on Scottish IFA firm Advantage Wealth Management Ltd following a supervisory notice issued in December.
The regulator has concerns that AWM is not ‘bring managed in a way that ensures that its affairs are conducted in a sound and prudent manner’.
The concerns include circumstances in which several AWM customers had their investments moved into cash holdings, that it has not been open and cooperative with the regulator, and that it is not satisfied that the firm has or will have appropriate financial resources.
AWM must now 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.
It may also not dispose of any of its own assets without prior written consent of the regulator.
The regulator urged AWM’s clients to seek a new financial adviser using the Money Helper website.
Under the restrictions AWL must also post a notice on its website referring to the FCA restrictions. However, at the time of writing, the IFA’s website had an alternative message of: “Due to personal circumstances arising from divorce proceedings, this company has ceased trading and will not be providing financial advice until further notice. We appreciate the trust placed in us over the years and apologise for any inconvenience this may cause.”
AWL was established in Helensburgh in 2013 by John McMahon and Nicola McMahon.