Financial Adviser Can't Restart Business After FCA Freeze
Law360, London (July 25, 2019, 4:26 PM BST) -- A British financial adviser has been barred from running its core business or selling its assets after a London judge refused to lift regulatory restrictions imposed over fears the business could soon run out of money.
A judge sitting for the Upper Tribunal, which has equivalent standing to the High Court, rejected Sussex Independent Financial Adviser's bid to be reinstated after its regulatory permissions were suspended, saying the financial adviser could not meet its debts.
The firm, which has 2,000 to 3,000 active clients, owes former clients £447,000 ($557,720) and doesn't have the means to pay, Judge Swami Raghavan said in...
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