The move is part of new FCA restrictions that the company agreed to after a recent thematic review, the London-based company said.

The restrictions have been effective since 16 August and also state that the firm must not register any new trading names.

The full list of restrictions reported on the FCA’s register are:

“1. The Firm must not, without prior written consent of the FCA, onboard any new branches under the Firm's banner.

2. The Firm must not, without prior written consent of the FCA, employ or contract any new investment managers for the Firm or any of the Firm's existing branches.
3. The Firm must not, without prior written consent of the FCA, register any new trading names.”

Raymond James told Financial Planning Today: “As part of a recent thematic review and in consultation with the FCA, Raymond James Investment Services have agreed to a voluntary application for imposition of requirements (VREQ) and will not, without prior written consent from the FCA, employ or contract any new investment managers or onboard any new branches.”

Raymond James Investment Services has operated in the UK since 2001. Its parent company, Raymond James Financial, Inc is a diversified financial services company founded in 1962 in St. Petersburg, Florida, USA, and a public company since 1983 with a market cap of $22bn. It has approximately 8,700 wealth managers located in the US, Canada, the UK and elsewhere overseas, with total client assets of approximately $1.28trn (£1trn).

Since starting in the UK in 2001, the company said it had doubled its assets under management every three to four years. As of 30 June its AUM stood at £14.9bn, up from £8.2bn in 2017.

Last year it completed a £280m takeover of rival Charles Stanley.