FCA restricts advice business after engagement failures

Independently East bank accounts frozen and permissions cancelled

clock • 2 min read

The Financial Conduct Authority (FCA) has imposed restrictions on advisory business Independently East for failing to engage with the watchdog in an open and cooperative way. 

The FCA issued a supervisory notice against the Surrey-based firm on 13 February 2023 which imposed the restrictions on the firm. The regulator's actions mean the company's bank accounts are frozen; its permission to carry out regulated activities have been cancelled, and it is unable to carry out any regulated activities. Independently East has not provided the FCA with information it requested about its clients, financial position, or a Financial Ombudsman Service (FOS) award it was due to pay, the regulator said. As a result, the regulator said it was concerned the organisation can...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

AI and compliance: Charging for advice or administration?

AI and compliance: Charging for advice or administration?

Efficiency doesn't remove accountability

Gareth Fatchett
clock 03 September 2026 • 3 min read
FCA warns of Flagstone clone

FCA warns of Flagstone clone

Notice issued to alert consumers

Jenna Brown
clock 03 September 2026 • 3 min read
Andrew Goodwin: As the regulator plays catch-up, should advisers race towards AI's cutting edge?

Andrew Goodwin: As the regulator plays catch-up, should advisers race towards AI's cutting edge?

'The review offers tangible evidence of the FCA playing catch-up'

Andrew Goodwin
clock 01 September 2026 • 4 min read