The Isle of Man Financial Services Authority (IoMFSA) announced that advice company Chancery Advisors has surrendered its licence with effect from 12 January 2023.
The firm was licensed under Section 7 of the Financial Services Act 2008. It has also cancelled its registration with effect from 12 January 2023.
No details were given about why the firm has given up its licence – but according to the Isle of Man’s companies register, the Douglas-based firm is still active and is not in liquidation. Its website, however, has been deactivated.
The IoMFSA said it “requires that run-off professional indemnity insurance must be maintained by the former licenceholder for three years from the date of surrender of the licence”.
International Adviser has contacted Chancery Advisors for a comment but it did not reply in time for publication.
The firm received a licence from the IoMFSA in April 2021 to offer wealth management, personal investment, retirement planning, protection, corporate investment, business protection and employee benefits services to those based on the Isle of Man, as well as UK expats globally.
The business was set up by Rob O’Connor and Chris Connor.
O’Connor has worked within the advice sector for over 20 years, spending time at Lloyds Banking Group and Kleinwort Benson – now Kleinwort Hambros.
Meanwhile, Connor was formerly managing director of Barclays Private Clients International and chief operating officer of Barclays Wealth Banking Operations.
The duo spoke with IA about their plans in May 2021 – discussing how the firm was part of the Nayyar Group of Companies, which owns a range of businesses across the globe including investment management firm Facet and DFM Creechurch Capital.
IA has also contacted Nayyar Group to discuss the Chancery Advisors business – but it did not reply in time for publication.