A Leicester IFA that provided ‘a Christian vision of financial planning’ has had its regulated activity suspended by an FCA restriction after the firm and its director borrowed more than £1m, largely from clients, to cover losses.
Trust Financial Planning, which was first investigated by the FCA in 2018, agreed to an FCA restriction in March to cease all regulated activity and not seek any inward investment from consumers in the form of ‘equity, loan, gift… or otherwise’, without the FCA’s consent.
The restriction also says the firm must not use the director’s loan / advance account.
