Kerry Nelson firms sell for £500,000 after battle between 38 bidders

FCA placed numerous restrictions on Nexus IFA and Nexus IM last month

Hope William-Smith
clock • 2 min read

Nexus Independent Financial Advisers and Nexus Investment Managers have been sold for £500,000 ten weeks on from the Financial Conduct Authority (FCA) placing restrictions on them over conduct concerns around their former director Kerry Nelson.

Business recovery firm Leonard Curtis yesterday (29 March) confirmed to Professional Adviser that a sale was agreed for the two Portsmouth businesses earlier this month. London-based Vintage Wealth Management (VWM) completed a deal for the two on 9 March, six weeks on from Leonard Curtis staffers Carl Faulds and Nicola Layland being appointed as joint administrators. "The appointment arose as a result of the sole director's absence from the business and concerns relating to the director's conduct," the firm said. A supervisory notice from the FCA on 31 January imposed restrictions ...

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