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Greyfriars Asset Management agrees with FCA to stop new business in IFA service

Chris Hamblin, Editor, London, 7 November 2016

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Discretionary fund manager Greyfriars, with the knowledge of the UK's financial regulator, has ceased to accept any new business in its 'Portfolio Six' service which it provided to independent financial advisors who wished to allocate to certain types of assets.

The firm has stated that "the Financial Conduct Authority were always aware of our decision and we are in an on-going dialogue with them in managing this."

The service was operational for two-and-a-half years and all IFAs involved with Portfolio Six have been informed that no new money is now being accepted into the service.

Greyfriars is also reviewing its DFM business and, therefore, it will not be accepting any new business until the firm has completed this review. The FCA website does not mention the name 'Greyfriars.'

According to Nucleus, an advisor-owned wrap platform providing general, ISA, pension, onshore and offshore bond accounts for investors, advisors' use of DFMs has doubled in the last twelve months.

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