Investment group Hartmann Capital is set to wind up after the Financial Conduct Authority (FCA) prohibited it from carrying out regulated business after discovering a client money shortfall of £1.5m.
The FCA has prohibited the firm from regulated activities and imposed immediate sanctions which include a stop on releasing client money and termination of derivative contracts. The watchdog said it was concerned that the firm would increase its existing shortfall in its client money accounts if it continued trading. The regulator detected shortfalls of £1.5m in client monies and a separate £1.2m in regulatory capital at the firm. It said the firm had no "reasonable short term prospect of being able to make good that shortfall" and the directors' proposal to cover debt payments wi...
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