The Financial Conduct Authority (FCA) has stopped independent financial adviser, Advantage Wealth Management (AWM), from carrying out regulated activities.
The regulator’s action follows concern the firm is not being managed in a way that ensures its affairs are conducted in a "sound and prudent manner", it said, following the issuing of a first supervisory notice on 22 December.
The notice outlined that AWM is failing, or is likely to satisfy, a number of conditions in the Financial Services and Markets Act 2000.
Furthermore, the FCA said AWM has repeatedly failed to respond to requests for information over an extended period, and that it has "serious concerns" about the circumstances in which several clients had their investments moved into cash holdings.
The regulator is also not satisfied that the financial adviser has, or will have, appropriate financial resources.
Under the restrictions, AWM must not dispose of any assets, nor conduct regulated activities without the regulator’s written consent. As a result, it can no longer act as an independent financial advice or provide financial advice.
The FCA has told AWM customers that they should seek a new financial adviser.
Latest News
-
Bank of England holds base rate at 3.75%
-
Bridging loans fall to lowest average completion time in eight years
-
Regulators announce first six firms to join ‘Scale-Up Unit’
-
House prices recover month-on-month in January – Nationwide
-
FCA places restrictions on Advantage Wealth Management
-
Equity release market is demonstrating ‘fraction of potential’ – Air
Perenna and the long-term fixed mortgage market
Content editor, Dan McGrath, spoke to head of product, proposition and distribution at Perenna, John Davison, to explore the long-term fixed mortgage market, the role that Perenna plays in this sector and the impact of the recent Autumn Budget
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories