RegulationDec 17 2018

FCA tells DFM to cease regulated activity

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
FCA tells DFM to cease regulated activity

A discretionary fund manager has been told to cease all regulated activity by the Financial Conduct Authority.

Organic Investment Management has been told it must not, without the prior written consent of the FCA, carry on any regulated activities, including managing investments.

The FCA has not explained why it has taken this action.

The London-based company has also been told it must not dispose of, deal with or diminish the value of any of its assets - other than in the ordinary course of business.

It has also been told to inform its clients and all financial advisers which use its services of these restrictions, which have been in place since December 7.

This is the latest DFM the FCA has taken some form of action against in recent years.

In 2016 the regulator cancelled the permissions of Analyst Investment Management Plc for failing to keep up with fee payments to the FCA and earlier this year it placed Beaufort Securities into insolvency following an assessment of their financial positions.

In March the US Department of Justice brought criminal charges against Beaufort Securities Limited for its alleged involvement in securities fraud and money laundering.

damian.fantato@ft.com