On 12 March 2021 the FCA imposed a number of restrictions on Dolfin Financial (UK) Ltd (Dolfin/ the Firm) stopping it from carrying on any regulated activities due to concerns about the way it conducts its business.
Dolfin is a wealth management firm. It provides wealth management services to retail and professional clients on a range of investment securities, such as shares, government and corporate bonds, and investment funds. The firm also provides Tier 1 investor visa services.
25 August 2021 update
We've published the First Supervisory Notice[1] (FSN) served on Dolfin on 12 March 2021. The full FSN was not published then to allow for representations to be made by Dolfin, who have made clear that it does not accept the findings in the FSN.
As a result of Dolfin entering Special Administration[2], on 1 July 2021, we lifted all of the requirements except the requirement at paragraph 1.1(9) of the FSN, concerning the retention of books and records.
This FSN explains in greater detail the reasons action was taken in March 2021, and the steps taken prior to that date by the FCA. Material that might identify individuals and third parties has been redacted from the published notice.
The restrictions will stop Dolfin from carrying on any regulated activity and prevent it from reducing the value of its assets, or any of the client money or custody assets it holds, without the consent of the FCA.
A full description of the restrictions on the firm can be found on the FCA Register[3].