FCA issues First Supervisory Notice on Colbourne & Company
What has happened?
On 23 June 2022, the FCA issued a First Supervisory Notice imposing a number of restrictions on Colbourne & Company, a small IFA, stopping it from carrying out any regulated activities due to the FCA’s concerns about the way it conducts its business. These restrictions stop the firm from carrying on any regulated activity and prevent it from reducing the value of the assets it holds without the consent of the FCA.
Colbourne & Company is a sole trader and Anthony Colbourne was the only person in the firm able to conduct regulated activity for the firm.
What are the FSN’s key points?
The FCA considers that Colbourne & Company has for a number of years been carrying out regulated activities outside its Part 4A permission. During this time, it has taken unauthorised fees, believed to total over £250,000, from a number of its retail clients, some of whom are elderly and who may be vulnerable.
FCA analysis of bank accounts and the surrounding circumstances suggests there is a significant risk of dissipation of the funds taken.
In addition, and significantly aggravating the FCA’s concerns, it appears that Colbourne may not have had the necessary Part 4A permissions to advise the individuals whose funds have been misused, or indeed, any retail investment clients. The firm had applied for a variation of its Part 4A permission, which meant it was not permitted to advise retail clients because Anthony Colbourne did not have the necessary SPS qualification to advise retail clients on investments.
How can we help you?
If you’d like to know more about how we can help you with your permissions, SPS or client assets arrangements, or any other regulatory compliance issues, our specialist team is here to help.
Contact us today on 0207 436 0630 – or email info@thistleinitiatives.co.uk.