The Financial Conduct Authority (FCA) has prevented Verus Financial Services from carrying out regulated activities and imposed a tighter restriction on the company’s assets.
The move follows concerns that the financial advice firm has repeatedly breached an existing asset restriction, which prevented it from selling, transferring or diminishing its assets without the regulator’s approval.
Verus also failed to comply with a Financial Ombudsman Service decision, the FCA said.
According to the regulator, Verus has “repeatedly and deliberately” breached an asset restriction that the firm agreed to in September 2023, while the FCA also said the firm had not been open and cooperative with its investigation.
“The firm must not conduct regulated activity and can no longer act as an independent financial adviser or provide financial advice,” and FCA statement said.
“Customers should seek to find a new financial adviser. There is no direct correlation between the restrictions imposed on the firm and the performance of underlying investments arranged by the firm.”
Latest News
-
Borrowers jumped gun ahead of December rate cut – Twenty7tec
-
FCA stops Verus Financial Services from conducting regulated activities
-
IHT receipts reach £5.8bn in eight months to November
-
Perspective Financial Group acquires Prosser Knowles
-
Over half of UK savers relying on non-pension assets for retirement
-
Bank of England cuts interest rates to 3.75%
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