On 25 January 2023, we imposed a number of 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and restricting access to their assets due to concerns about the use of certain funds that appear to have been withdrawn by a senior individual in the firms.
Nexus Independent Financial Advisers and Nexus Investment Managers have the right to make written or oral representations to us on the First Supervisory Notice. They also have the right to make a reference to the Upper Tribunal.
Our restrictions will stop Nexus Independent Financial Advisers and Nexus Investment Managers from carrying on any regulated activity and prevent them from reducing the value of the assets they hold, without our consent.
First published: 28/04/2016 Last updated: 04/11/2022
The Financial Services Register is a public record of firms, individuals, and other bodies that are, or have been, regulated by the PRA and/or FCA.
Using the Financial Services Register
In the UK, nearly all financial service activities must be authorized by the FCA. You can search the Financial Services Register (the Register) for firms and individuals and the activities for which firms have permissions.
Always check the firm you’re dealing with is listed on the Register. It lists all the firms and current or previously approved individuals involved with regulated activities. It shows whether a firm you’re using or plan to use is regulated by the PRA and/or the FCA. You can find out what they’re regulated to do and your protections when doing business with them.
Make sure the firm you’re dealing with has permissions for the regulated activities you need. Always check that the permissions/activities of the firm match the service it’s providing for you.
Only use the contact details listed on the Register. Many scammers pretend to be a legitimate firms. Use the contact details on the Register to confirm you’re dealing with a genuine firm before doing business with them.
Later in 2020, under the Senior Managers and Certification Regime (SM&CR), we’ll begin publishing and maintaining a directory of certified and assessed persons on the Register, so consumers and professionals can check the details of key individuals working in financial services.
Firms can find out more about the addition of certified and approved person data on the Register on our directory of certified and assessed person page.
Firms we have been told are providing regulated products or services without the correct authorization – or deliberately running scams – are now included in the Register with prominent warnings.
Other information on unauthorized firms includes the different details they give out and whether they’re falsely claiming to be from a genuine, authorized firm.
If you deal with a firm (or individual) that’s not regulated, you may not be covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS).
You may notice some firms on the Financial Services Register are listed as Appointed Representatives (ARs). This means they are carrying out certain business on behalf of another firm, which is known as their principal. The principal agrees on what activities the AR can do and is responsible for that business. ARs can have more than one principal.
If something goes wrong, and you want to complain, you should complain directly to the AR or to the principal firm. The Financial Ombudsman Service may be able to consider your complaint if you are not satisfied with the decision or how it was handled.
You might not have the right to complain to the financial ombudsman if the AR has gone beyond the activities the principal allowed. That is why it is important to check with the principal what these permitted activities are. You will be able to find contact details for the AR and the principal firm via the Financial Services Register.
If the firm has gone out of business, you may be able to make a claim with the Financial Services Compensation Scheme (FSCS). The FSCS website has more information on the types of claims it can help with.
Publication of Directory person data
Directory person data for firms regulated solely by the FCA and by both the FCA and PRA is now published on the FS Register. Solo-regulated and dual-regulated firms must ensure they comply with the Policy. Users of the FS Register should check the details of any individual being engaged to carry out regulated activities on their behalf, especially current roles and any disciplinary or regulatory action on their record.
Refer to the Directory of certified and assessed person page for more information.
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Accessing the Register
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