FCA order Montfort Int'l to stop new pension business
The UK's financial services regulatory body has ordered cross-border financial services company Montfort International to stop all new pensions and investment business.
Following a permission restriction on the Financial Conduct Authority's (FCA)'s adviser register page, Montfort International has agreed to halt all of its new pension and investment work from 4 May 2020.
The FCA register entry has been updated and outlined that Montfort must "cease all new investment or pension business and must not dispose of assets (effective 04/05/2020)"
It read: "This firm cannot hold client money. It may be able to control client money if it has the necessary requirements.
These are rules placed on the firm that apply to all of the financial services activities that it can operate."
Led by well-known and often outspoken cross-border industry figure Geraint Davies, pictured left, Montfort International has often been at the forefront of calls to 'clean up' the international advice industry.
Formed in 1995, the company is based in Surrey and has specialised in cross-border financial services, with Davies often leading from the front.
The FCA Registery notice pointed that Montfort must cease carrying on any business that involves "any regulated activities relating to new investment or pension business".
It read: "This includes: (a) all business where applications have not yet been submitted to the product provider; and (b) any other pipeline business."
Stop
Montfort must now contact all relevant product providers to stop pension transfers, switches or any "other movement of pension funds" and contact clients to inform them that they cannot complete the planned work.
"The firm must not take any action that has, or may have, the effect of disposing of, dealing with or diminishing the value of any of its assets without the FCA's prior written consent," the UK regulator added.
Montfort would not be drawn in the subject other than to say that it is "currently helping the FCA with their enquiries" and that it would "like to reassure our valued existing clients this does not affect the high level of service they have come to expect from Montfort".
by Tanya at http://www.ifajobs.net
Daniel van Niekerk
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