The FCA has stepped in to remove all regulatory permissions from London-based IFA Verus Financial Services Limited (FRN 765214) after a number of "deliberate" breaches of existing restrictions.

The FCA has told the firm, registered at an address in Great Portland Street, London W1, to halt all regulated activities.

The regulator has also imposed a more stringent assets restriction after the firm, “repeatedly and deliberately breached and asset restriction,” according to the FCA.

The watchdog said the action follows concerns that the firm has repeatedly breached existing restrictions which prevented it from, "selling, transferring or diminishing its assets without our approval.”

The firm is also alleged to have failed to comply with a Financial Ombudsman Service decision on SIPP advice which resulted in a client allegedly losing £415,000. Verus rejected some aspects of the claim, saying a third party had been involved. The SIPP was invested in, “unsuitable high risk non-standard investments”, according to FOS adjudication.

Following a review of the firm’s representations, the FCA issued a First Supervisory Notice on 27 October, which outlined details about its concerns and the basis for imposing the restrictions:

• Asset restriction breach – the FCA firm has, by its own admission, "repeatedly and deliberately" breached an asset restriction the firm agreed to on 7 September 2023
• Unpaid Financial Ombudsman Award – the firm has failed to comply with a decision by the Financial Ombudsman made against the firm and in favour of a customer, contrary to DISP 3.7.12.1R, and Principle 6 (Customer’s interest)
• Uncooperative – the firm has not been "open and cooperative" with the FCA

The watchdog said the firm must not conduct regulated activity and can no longer act as an independent financial adviser or provide financial advice. Customers are advised to find a new financial adviser.

The FCA added that there is no direct correlation between the restrictions imposed on the firm and the performance of underlying investments arranged by the firm. The FCA has also issued a consumer warning about a connected unauthorised firm, Verus Estates Limited.