The Financial Conduct Authority (FCA) has refused to authorise an advice firm after it found its owners were trying to rid themselves of £1m of Connaught liabilities in a new structure.
In a final notice dated 19 May the regulator refused the application for authorisation made by advice firm Independent Family Advisers Limited (IFAL) after it found the firm's executive directors were also the directors of regulated advice firm Strabens Hall. Strabens Hall is facing "inevitable insolvency" after being saddled with anticipated client claims worth £1.05m in respect of eight investments made in the failed Connaught Income Fund 1. The regulator refused the application on the grounds the advisers were not considered fit and proper to carry out any regulated business, and s...
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