FCA imposes restrictions on wealth firm that charged 'excessive fees'

This means the firm cannot undertake any regulated activity, charge any further fees to existing clients or take on new clients without the FCA's express permission. It was also required to withdraw all financial promotions and keep assets in the business. This action by the watchdog follows "serious concerns" about London Stone Securities not delivering good client outcomes. The FCA stated that the firm was charging excessive fees, which "do not appear to be justified or clearly relate to benefits for the firm's clients or provide fair value". It also said low-value investment portfo...