A Welsh IFA firm has been ordered by the FCA to immediately cease all pensions business.
The firm is currently undergoing a so-called ‘section 166’ or ‘skilled person’ review, conducted by a third party when the FCA has concerns over potential issues in a business.
Strategic Wealth UK, based in Deeside, must suspend all advice “in relation to any underlying investments whether regulated or unregulated” until the review has shown it has a “compliant business model with compliant and robust systems and controls”, according to a note on the firm’s FCA register entry.
The firm can take on work advising on past Sipp business, but this must also be overseen by the FCA-appointed reviewer.
A requirement not to dispose of any assets during the review is in force for both Strategic Wealth and its appointed representative, Synergy Wealth.
Strategic Wealth’s website says that, through a partnership with offshore advisers, expatriate clients can receive advice on Qrops, Qnups and offshore lifetime annuities.
Strategic Wealth’s services also include equity release and protection.
The register note does not indicate why the review has been launched, and the FCA declined to comment.
The FCA launched a skilled person review into international advice firm deVere UK earlier this year, who has agreed to stop providing advice on pension transfers.