The Financial Conduct Authority (FCA) has removed regulatory permissions from Verus Financial Services (Verus) over asset restriction breaches and an unpaid Financial Ombudsman Service (FOS) award.
It has also hit the firm with a "more stringent" asset restriction, with the FCA having found that Verus has "by its own admission, repeatedly and deliberately breached" terms already agreed to in September 2023. In a first supervisory notice dated 27 October 2025, the FCA set out that it had identified "serious concerns relating to the firm [Verus] in that its conduct appears to demonstrate that it poses a significant risk of harm to consumers". The noticed detailed Verus' failure to pay a FOS award. In June 2024, the FOS ordered Verus to pay a client £415,000 over unsuitable pens...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
