Based from their offices in Deeside, Clwyd, Strategic Wealth UK Ltd are still authorised by the FCA – the UK’s financial services regulator and watchdog, but have been told to “cease all pensions business and retain assets”, meaning that the firm must “immediately cease all pensions business and pension related business.”
“Avoidance of doubt”
The FCA permissions note went on to clarify the new rules, saying that this restriction “includes advice in relation to any underlying investments whether regulated or unregulated”, and that Strategic Wealth UK Ltd is to adhere to these restrictions “until such a time as a Skilled Person appointed under s166 FSMA has confirmed to the regulator that the Firm has in place a compliant business model…”
Retention of assets
As we’ve seen before with restrictions imposed by the FCA onto independent financial advisers, the firm was also told not to “in any way dispose of, deal with or diminish the value of any of its assets without the prior consent of the FCA.
Strategic Wealth UK LTD and Synergy Wealth Ltd
The FCA also told the firm to impose identical restrictions about retention of assets on it’s appointed representative – Synergy Wealth Ltd, and provide the regulator with “weekly updates” on the balances of both Strategic AND Synergy.
Strategic Wealth Management also registered a trading name of Gibro Wealth (its previously registered name) between April 2013 and October 2014.
UPDATE: Strategic Wealth is now in liquidation – read more!
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