Financial Services Compliance Blog - Thistle Initiatives

FCA imposed restrictions on Dolfin Financial (UK) Ltd - Thistle Initiatives

Written by Thistle Initiatives - Compliance consultancy | Mar 19, 2021 12:00:00 AM

What is happening?

On 12 March 2021, the FCA imposed a number of restrictions, effective immediately, on Dolfin Financial (UK) Ltd, stopping the firm from carrying on any regulated activities due to the regulator’s concerns about the way it had conducted its business.

Dolfin provides wealth management services to retail and professional clients in shares, government and corporate bonds, and investment funds. The firm also provides Tier 1 investor visa services to high net-worth overseas individuals.

What do you need to do?

The FCA has identified a number of serious concerns around the way that Dolfin operates its business, including the firm’s Tier 1 investor visa activities and its financial crime controls.

The FCA imposed voluntary restrictions on its regulated activities on 24 December 2019, and commissioned a Skilled Persons Review. However, following the conclusion of the Skilled Persons Review, the FCA determined that it is appropriate in the interests of protecting the integrity of the UK financial system to stop the firm from carrying out regulated activities and has imposed these restrictions.

The restrictions stop Dolfin from carrying on any regulated activity and prevent it from reducing the value of its assets, or any of the client money or custody assets it holds, without the consent of the FCA.

How can we help you?

If you’d like to know more about how we can help you with any aspect of your financial crime arrangements or other regulatory compliance issues, our expert team is here to help. Contact us today on 0207 436 0630 – or email info@thistleinitiatives.co.uk.