The Financial Conduct Authority (FCA) has placed restrictions on wealth and retail investment management firm CFS Management (CFS) for failing to ensure that client money is held in a separate account to firm money.
The FCA has said that CFS Management, a London-based wealth manager and retail investment broker, must not accept any new client money or new custody assets, whether from existing or new clients, in any of its business areas. In its notice, published last week (April 20), the FCA outlined its concerns about CFS Management's business and its compliance with the FCA's principles for businesses and the client assets sourcebook rules. The regulator said CFS Management recognised that firm money and client money may be held in the same accounts. CFS Management was told by the FCA in Ma...
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