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...

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