FCA places numerous restrictions on Nexus IFA and Nexus IM

The firms’ director may have taken around £2m from clients

Ayesha Venkataraman
clock • 2 min read

The Financial Conduct Authority (FCA) has placed numerous restrictions on Nexus Independent Financial Advisers and Nexus Investment Managers due to concerns about use of £2.1m that appears to have been withdrawn from client accounts by the firms’ shared director.

On January 25, the FCA restricted both firms from carrying out any regulated activities and accessing their assets, in addition to being ordered to secure all books and records and preserve all information on its regulated activities, according to the FCA register. Both firms share an executive director, Kerry Kathleen Nelson, who also holds compliance oversight and money laundering reporting roles. On 26 January, both firms went into administration, according to the FCA register. In its First Supervisory Notice, the FCA said it has "very serious concerns" that the firms' sole dire...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
 Be the first to hear about our events and awards programmes.



Already a Professional Adviser member?


More on Regulation

Hove, East Sussex

FCA cancels permissions of Hove firm Albany Financial Consultants

Cancellation of Part 4A permissions enacted with immediate affect

Hope William-Smith
clock 01 September 2023 • 1 min read
Labour branded 'short-sighted' for vowing to battle lifetime allowance

Labour branded 'short-sighted' for vowing to battle lifetime allowance

Consultancy says attention on pensions is better spent elsewhere

Jonathan Stapleton
clock 13 April 2023 • 1 min read
FCA blocks thousands of misleading ads in 2022, up 14x from 2021

FCA blocks thousands of misleading ads in 2022, up 14x from 2021

‘Financial promotions must be fair, clear and not misleading’

Ayesha Venkataraman
clock 03 February 2023 • 3 min read