Fiske plc (LON:FKE), a London-based investment and wealth management firm, has agreed a Voluntary Requirement (VREQ) with the UK Financial Conduct Authority (FCA), which introduces certain restrictions on the activities of the company.
These restrictions form part of the FCA’s ongoing supervisory engagement with the company. They follow a review of the Company’s systems and controls relating to the monitoring of its investment management activities, which included a Skilled Person review that concluded over the summer.
The VREQ does not restrict Fiske in any way from continuing to service existing clients and accepting new monies and assets from existing clients. The restrictions solely relate to limitations on the onboarding of new clients who are not already connected to existing clients, or who are currently in the process of being onboarded, and placing certain restrictions on the transfer of the company’s assets while the VREQ is in place.
The company stressed that it continues to be able to pay dividends in the normal course of business.
Fiske says it continues to operate with full client money protection permissions in accordance with applicable regulatory regimes and remains committed to maintaining a strong and transparent relationship with the FCA.
Fiske notes that there is an agreed program of actions already underway to strengthen its systems and controls which will be completed over the coming months.
