Wealth manager Dolfin Financial collapses after FCA probe

Smith & Williamson was appointed as special administrator for Dolfin Financial, following previous FCA restrictions imposed on the firm. At the time of its collapse, Dolfin had £120m of client money and £1.3bn of custody assets on its books. It provided investment management, investment advisory, execution-only and custody services to a range of clients. On 12 March 2021 the FCA imposed restrictions on Dolfin's ability to conduct regulated activities. Since then, the board have been attempting to wind down the business and, subject to consent from the FCA, transfer client monies and a...