The Financial Services Conduct Authority (FSCA) has taken away the licence of investment firm Exclusive Life Financial Services.
The regulator said the company was “materially contravening its licensing conditions in that it is purported to be promoting a product that is not lawfully authorised”.
“Furthermore, there are allegations that some investors who have invested money in the scheme have not received the promised returns including the principal invested amount.
“Based on the information at the disposal of the FSCA and in order to protect the interests of the investors from being further compromised, the license of Exclusive Life has been provisionally withdrawn,” it added.
International Adviser was not able to find more information about Exclusive Life as it has been taken off the FSCA’s register and its website was suspended at the time of publication.