Nexus Independent Financial Advisers and Nexus Investment Managers

On January 25, 2023, the UK Financial Conduct Authority (FCA) imposed restrictions on Nexus Independent Financial Advisers and Nexus Investment Managers, effectively halting their regulated activities and restricting access to client assets. The action was triggered by concerns that a senior individual at the firms had engaged in unauthorized fund withdrawals. While these are investment advisory firms rather than payment institutions or EMIs, the FCA's swift intervention demonstrates the regulator's willingness to impose immediate operational restrictions when client funds are at risk. The action is tangentially relevant to BaaS and embedded finance ecosystems where investment advisory or wealth management services are offered through partnerships with regulated firms.

Verified from source: On 25 January 2023, the FCA imposed restrictions on Nexus Independent Financial Advisers and Nexus Investment Managers preventing them from carrying out any regulated activities and restricting access to their assets due to concerns about funds withdrawn by a senior individual in the firms.