The Financial Conduct Authority (FCA) has stopped Surrey-based cross-border financial consultancy, Montfort International, from conducting new investment or pension business.
No explanation was given on the regulator's register as to why it must cease new pension activity, but it was told it must not dispose of assets.
According to the FCA register, Montfort must 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 pension provider and any other pipeline business.
In relation to pipeline business, Montfort is to cease to act for any customers, unless it had the FCA’s prior written consent.
It must also contact providers to stop any pension transfers, switches or any other movement of pension funds, and contact customers to inform them that Montfort cannot complete the business on their behalf.
The FCA stated that pipeline business 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”.
Montfort International has been contacted by European Pensions for comment.
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