FCA Imposes Restrictions on London Court Ltd Due to Inadequate Controls

The Financial Conduct Authority (FCA) has taken decisive action against London Court Ltd, imposing stringent restrictions on the firm's ability to conduct regulated activities for new clients and new investments. The restrictions follow concerns raised by the FCA regarding inadequate systems and controls within the company, particularly concerning its My Investment Hub platform.

Under the new regulatory measures, London Court Ltd is prohibited from conducting regulated activities for new clients or new investments. However, the firm is still permitted to offer bond administration and Individual Savings Account (ISA) management services to its existing clients and the investments they already hold.

The FCA's intervention comes in response to a comprehensive review of investments offered on the My Investment Hub platform. During this review, the regulatory authority identified troubling deficiencies in the level of due diligence conducted by London Court Ltd concerning these investments. The FCA's concerns center on whether the investments align with the needs and preferences of the clients to whom they are distributed.

To formalize these restrictions, the FCA has issued a First Supervisory Notice that provides a detailed account of the regulatory measures imposed on London Court Ltd.

Advice for Investors with Investments Administered by London Court Ltd

Investors who currently hold investments managed by London Court Ltd are encouraged to take note of the following key points:

1. Continued ISA Management Services: London Court Ltd is still authorized to provide ISA management services to its existing clients. Therefore, clients who rely on these services for their ISA accounts can continue to do so.
2. Direct Contact: If investors have any concerns regarding their investments or the services provided by London Court Ltd, they are advised to get in touch with the company directly. Alternatively, investors may also choose to contact the investment provider responsible for managing their investments for further clarification and assistance.

The FCA's actions aim to protect the interests and investments of clients while ensuring that financial firms adhere to robust controls and due diligence processes.