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Financial Advisers and Nexus Investment Managers due to concerns about use of £2.1m that appears to have been withdrawn from client accounts by the firms’ shared director.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...
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