Discretionary fund manager (DFM) Greyfriars Asset Management has agreed with the Financial Conduct Authority to cease accepting any new business into its Portfolio Six service.
The Leicester-based firm, which took the decision to discontinue accepting any new business to the discretionary portfolio investment service in mid-September, also confirmed it was reviewing its DFM business. It added: "Until we have completed this review we will not be accepting any new business within our DFM service. The Financial Conduct Authority were always aware of our decision and we are in an ongoing dialogue with them in managing this." FCA bans six for UCIS fraud The Greyfriars DFM Portfolio Six Service, which was provided to "IFAs who wished to allocate to certain type...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
