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activities and restrict access to their assets due to concerns about use of certain funds that appear to have been withdrawn by a senior individual in the firms.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.
