FCA restricts LCM Family Limited during administration
LCM Family Limited cannot conduct regulated activities or handle assets without FCA consent
Change
The FCA restricted LCM Family Limited from conducting regulated activities and dealing with firm or client assets without FCA consent after the firm entered administration.
Why it matters
The restriction removes LCM Family Limited's ability to service clients or execute regulated activity independently while the firm is under administration. Counterparties, client-service teams and administrators must treat FCA consent as the operating boundary for regulated activity and asset handling.
Implications
- — Counterparty and onboarding teams at financial institutions must block new regulated engagements with LCM Family Limited while FCA restrictions remain in force.
- — Client relationship and migration teams handling LCM-linked mandates must route any servicing, transfer or continuity decisions through the appointed administrators and FCA-consent process.
- — Administrators and legal teams must obtain FCA consent before handling or disposing of firm or client assets covered by the restriction.
Who is affected
- — Counterparty onboarding and due-diligence teams at financial institutions
- — Client relationship and migration teams handling LCM-linked mandates
- — Insolvency practitioners and legal teams administering regulated firms
- — Clients with exposure to LCM Family Limited
What to watch
- — FCA restriction status for LCM Family Limited
- — Administration updates from the appointed joint administrators
- — FCA consent requirements for firm or client asset handling
- — Client transfer, servicing or asset-distribution arrangements