55L FMSA
In accordance with the section 55L of the Financial Services and Markets Act (2000), Holborn must undertake a past business review of all pension transfer business, including business introduced by overseas and UK advisers, via a skilled person.
The skilled person will conduct 100% pre-sales monitoring for compliance against FCA regulatory requirements for the pension transfer advice business referred to it by UK advisers.
In March, Simon Parker, chief operating officer of Holborn Assets, told IA: “Our Holborn UK company, which is an entirely separate entity to our Dubai company, has not been closed down. Our ability to provide DB transfer advice has been put on hold pending a review of a number of client files.
“We are engaging independent auditors to go through those files and meet the FCA’s request and have every intention of working closely with the FCA to ensure they are happy with our processes and systems.”
