A20 is told to stop business on some funds
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The FSA has ordered IFA network Alpha to Omega to stop new business on certain funds, inc-luding Arch cru, as well as on structured products, pension transfers and drawdown.
The FSA’s register reveals that A2O will stop, with immediate effect, all new business connected with Arch cru funds, Barclays capital jade elixir deposit account, Curzon fixed capital protected profit lock-in deposit account, Guildhall absolute ret-urn fund and Vinum Bordeaux first growth plus fine wine fund.
The register says A2O is “not to engage in the provision of advice relating to or sales of” occupational pension transfer business, pension switching or transfer business, pension drawdown business, split-capital investment business and structured products.
A2O must ensure that any new business has been reviewed by law firm Bond Pearce LLP to ensure it complies with regulations.
By close of business on January 12, A2O was asked to send a letter to each of its appointed representatives in a form approved by the FSA,
notifying them of the change in its permissions.
A2O will also have to provide the FSA with copies of this letter together with a list of all app-ointed representatives and the date it was sent to them.
A20 was unavailable for comment.
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Readers' comments (1)
Anonymous | 22 Jan 2010 5:17 am
Alpha to Omega UK Ltd. Suspended For All Part IV Permissions.
This is now another Park Row, with 100's of good, honest hard working Advisers now suspended completely from all activities as of Jan 21.
This is a dark time for Network Members, I suspect personal bankruptcies and family breakups could affect the stressed Advisers at all Firms being taken down by the FSA with no right to stand up for the compliant advisers, if a network fails to be compliant, it does not follow it's Advisers are all non-compliant. Why not let Advisers prove their competence by being immediately re-authorised at other firms that the FSA must deem to be competent?
To withhold re-authorisation is against the human rights of honest and compliant Advisers who are punished due to the failing of their networks. A person has the right to work and should have the right to prove there competence immediately at alternate firms. To do otherwise would indicate that the system to authorise advisers at all firms is deemed inadequate by the FSA - so surely ALL Advisers may be suspended at multiple firms if the FSA seemingly has such a lack of confidence in the new entrant programs at many Firms.
After all it was the FSA who fined a firm 250k and then appointed one of that firms Directors to run Northern Rock - it seems it is one rule for the Sand Man and the old boy network at the FSA and another for good Advisers with unblemished backgrounds.
Posted anonymously due to FSA's revenge program on our honest and fair industry.
Best Wishes to all the Advisers at Alpha to Omega, Park Row and other firms and networks.
I sincerely hope you regain the ability to earn your living soon and service your Clients in the ethical and professional manner your Clients are accustomed to.
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