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, providing due diligence and source of funds vetting and investing funds on behalf of Tier 1 Investor visa holders.
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.
The regulator has 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. 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 system to stop the firm from carrying out regulated activities and has imposed these restrictions.
Clients of Dolfin will not be able to trade, withdraw, transfer, or otherwise use their custody assets or client monies held by Dolfin while the restrictions are in place, without the consent of the FCA.
It is currently uncertain how long it will be necessary for the restrictions to remain in force as this will be dependent on the firm addressing the FCA’s concerns.
It is understood that Dolfin held a significant share of the Tier 1 Investor visa market, and potentially hundreds of Tier 1 Investor visa holders’ immigration status may be affected by the FCA’s actions against Dolfin.
Those Tier 1 Investors who currently or previously held an investment portfolio with Dolfin are encouraged to seek legal advice immediately.
Gherson has a wealth of experience in all aspects of UK immigration law and has assisted many clients with their applications under the Tier 1 Investor category. If you have any specific questions or queries in respect of your particular circumstances, please do not hesitate to contact us, send us an e-mail, or alternatively, follow us on Twitter, LinkedIn, or Facebook to stay up-to-date.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please don’t hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.
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