The Financial Conduct Authority (FCA) has told cross-border specialist Montfort International to cease all new investment or pension business.
This was effective from 4 May 2020, according to a notice on the FCA’s register webpage.
The FCA said: “Firm to cease all new investment or pension business and must not dispose of assets.”
No reasons or explanations were given about why the step was taken.
Montfort International has agreed to comply with the regulator’s instructions.
Requirements
The FCA outlined several requirements within Montfort’s restriction update.
Firstly, the firm has to cease carrying on any business that involves any regulated activities relating to new investment or pension business.
This includes:
- All business where applications have not yet been submitted to the product provider; and
- Any other pipeline business.
The latter point refers to any pensions business resulting from “regulated activities undertaken by the firm where a transfer, switch or other movement or increment of pension funds has been requested, or any advice provided, but not completed”, the FCA said.
Secondly, it must not take any action “which 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”.
Lastly, the firm must “immediately secure all books and records and preserve information and systems that relate to regulated activities carried on by it”, and must retain these in a form and at a location, to be notified to the FCA in writing, “such that they can be provided to the authority promptly upon request”.
Response
A spokesperson for Montfort told International Adviser: “We are currently helping the FCA with their enquiries.
“We would, however, like to reassure our valued existing clients this does not affect the high level of service they have come to expect from Montfort.”
Headquartered in Surrey, Montfort International offers financial advice for international clients, including advising on qualifying recognised overseas pension schemes (Qrops) and pension transfers.
