The Financial Conduct Authority has placed restrictions on Colbourne & Company to stop the firm from carrying out any regulated activities.
Last week (June 23), the regulator issued a statement that Colbourne & Company, a small IFA, has for a number of years been carrying out regulated activities outside its Part4A permission.
During this time, the regulator alleged the firm has taken unauthorised fees of at least £218,000 from a number of its retail clients, some of whom are elderly and who may be vulnerable.
The FCA said the total fees taken are likely to be over £250,000.
“Colbourne & Company is a sole trader, and Mr Anthony James Colbourne SMF16 is the only person in the firm who was able to conduct regulated activity on the firm’s behalf,” the FCA said.
The City watchdog said the firm has the right to make written or oral representations to the FCA on the first supervisory notice and the right to make a reference to the upper tribunal.
“Our restrictions will stop Colbourne & Company from carrying on any regulated activity and prevent it from reducing the value of its assets it holds, without the consent of the FCA,” it added.
sonia.rach@ft.com
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