The Financial Conduct Authority imposed a number of restrictions on Dolfin Financial on 12 March.
With immediate effect, the wealth management firm must stop carrying out any regulated activity.
It must also not reduce the value of its assets, or any of the client money or custody assets it holds, without the consent of the FCA.
According to a statement on the FCA’s website, it took the action after it “identified a number of serious concerns around the way that Dolfin operates its business, including the firm’s Tier 1 investor visa business activities and financial crime controls”.
“The FCA has been working with Dolfin while it took steps to try and address these concerns, including imposing voluntary restrictions on its regulated activities on 24 December 2019, and commissioning a skilled persons review,” the regulator added.
“However, following the conclusion of the skilled persons review and developments that have taken place since, the FCA has determined that it is appropriate in the interests of protecting the integrity of the UK financial systems to stop the firm from carrying out regulated activities and has imposed these restrictions.”
The restrictions will remain in place under the FCA is confident Dolfin meets its “threshold conditions”.
International Adviser has contacted Dolfin for a comment.