The FCA has banned Verus Financial Services from providing financial advice and placed tighter restrictions on the firm using assets without the regulator’s permission.
The decision comes on the back of Versus admitting to repeatedly breaching an existing asset restriction agreed to in September 2023, which prevented it from making payments in excess of £5,000 without written consent from the FCA.
Verus also failed to pay compensation to a client who accused an unregulated individual at the firm of recommending an unsuitable pension switch and a discretionary fund management service in 2022 to facilitate an unsuitable high risk NSI in his SIPP, which has since lost all of its value.
The Financial Ombudsman ordered Versus to pay the client £415,000 in redress in June 2024.
In a call with the FCA on 24 July 2025, the firm’s CEO and sole director spoke about making payments to Company A, a significant controller of Versus: “I put money in for that as a Directors Loan. It’s a property company I have got. It made a commercial investment that is expected to pay very big dividends, and it was worth doing that.
“Money is due to come in literally right now. Not sure of value, minimum of £50,000 to £100,000. I know it was a risk, and I know I might have breached some rules. I did it in part as it is my company and I have got to take actions that sometimes help it even if that means taking a risk.”
The FCA has said the firm’s conduct “appears to demonstrate that it poses a significant risk of harm to consumers” and in its latest update said the firm has not been open and cooperative with the regulator.
“The firm must not conduct regulated activity and can no longer act as an independent financial adviser or provide financial advice,” the FCA said.
“Customers should seek to find a new financial adviser.”
The FCA has also issued a consumer warning about a connected unauthorised firm, Versus Estates.
“This firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams.”
