Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

FCA probes wealth planning firm following arrest

FCA probes wealth planning firm following arrest

The Financial Conduct Authority (FCA) has opened an investigation into boutique financial planners HBFS Financial Services.

The City of London police have arrested a 49-year-old male from Borehamwood in connection with the probe.

The regulator has also restricted Hertfordshire-based HBFS Financial Services, closing it to new money and preventing it from advertising its services.

A statement on the company's website said: 'Please note that HBFS is not accepting business from new customers at this time. Our full "ongoing" service to existing clients and their investment needs continues as normal.'

In a statement, the regulator advised HBFS’s customers to check the status of any investment made through HBFS and if they have concerns to contact City of London Police email: 3000-17@cityoflondon.pnn.police.uk.

'The City of London Police and the Financial Conduct Authority are working closely on an investigation concerning the affairs of HBFS Financial Services Limited, a firm regulated by the Financial Conduct Authority,' the FCA confirmed.

 A spokesperson for HBFS told Wealth Manager: 'We are fully co-operating with the FCA and City of London Police investigation.

'This investigation involves one investment account at HBFS and we hope for a speedy resolution.'





Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Wealth Manager on Twitter