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FCA halts regulated business at wealth firm 

The FCA has imposed restrictions on wealth firm Dolfin Financial (UK) Ltd which stop it from carrying out any regulated activities due to concerns about the way it conducts its business.

London-based Dolfin provides a number of wealth management services to retail and professional clients including securities, such as shares, government and corporate bonds, and investment funds. 

The firm also provides Tier 1 investor visa services which enable foreign investors to invest in the UK and secure a visa to live and work in the UK.

On its website it says that its investor visas are always in line with Home Office requirements.

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Dolfin was founded as a London-based wealth boutique in 2013 and is now a diversified financial services firm with an international presence and a bespoke technology platform.

The FCA restrictions, imposed on Friday, will 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.

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

The regulator has been working with Dolfin while it took steps to try and address the concerns, including imposing voluntary restrictions on its regulated activities on 24 December 2019, and commissioning a Skilled Persons Review.

However, following the conclusion of the Skilled Persons Review and other developments the FCA says it has determined that it is in the interests of protecting the integrity of the UK financial system to stop the firm from carrying out regulated activities.

Dolfin will still hold client money and custody assets but clients will not be able to trade, withdraw, transfer, or otherwise use custody assets or client monies held by Dolfin while the restrictions are in place without the consent of the FCA.

The move also stops clients adding any new funds to their Dolfin accounts. 

The FCA is uncertain how long the restrictions will be maintained and the period will relate to how the firm addresses its concerns, the watchdog said. 


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