Wealth manager Raymond James Investment Services has had a range of restrictions imposed on it by the Financial Conduct Authority (FCA).
According to the FCA Register, three requirements were imposed on 16 August 2023.
The first being that the firm must not without prior written consent of the FCA, onboard any new branches under the firm’s banner.
Secondly, Raymond James, without the FCA’s prior written consent, must not employ or contract any new investment managers for the firm or any of the firm’s existing branches.
The firm also must not register any new trading names without prior written consent from the FCA.
A spokesperson for Raymond James Investment Services, said: “As part of a recent thematic review and in consultation with the FCA, Raymond James Investment Services have agreed to a voluntary application for imposition of requirements (VREQ) and will not, without prior written consent from the FCA, employ or contract any new investment managers or onboard any new branches.”
This comes after Raymond James opened offices in Newcastle and Fulham in 2023.
