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

Andy Wealthall: Is there still a place for annual suitability reviews?

Andy Wealthall: Is there still a place for annual suitability reviews?

'We shouldn't solve one problem by creating another'

Andy Wealthall
clock 30 July 2026 • 4 min read
Why the smartest advisory firms are getting ahead of the FCA on non-financial misconduct

Why the smartest advisory firms are getting ahead of the FCA on non-financial misconduct

'September is a starting point, not the finish line'

Gemma McCall
clock 29 July 2026 • 5 min read
Adviser firm revenue reaches £8.38bn in 2025

Adviser firm revenue reaches £8.38bn in 2025

Adviser posts fall to 37,517

Sophia Panayi
clock 24 July 2026 • 1 min read