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FCA - loss of supplementary income
Scappat
Posts: 8 Forumite
Is it lawful for the FCA to block access, for an unspecified time, to investments that provide a monthly income which is necessary to pay bills, buy food etc?
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I suspect it is lawful if they are presuming money laundering or some other criminal activity.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Context needed.Scappat said:Is it lawful for the FCA to block access, for an unspecified time, to investments that provide a monthly income which is necessary to pay bills, buy food etc?
The FCA doesn't block access to a specific individual. It will suspend an investment at the fund house level or distributer level.
AFAIA, there are no mainstream investments currently in suspension.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.2 -
What happened with Woodford - are some parts still suspended?dunstonh said:
Context needed.Scappat said:Is it lawful for the FCA to block access, for an unspecified time, to investments that provide a monthly income which is necessary to pay bills, buy food etc?
The FCA doesn't block access to a specific individual. It will suspend an investment at the fund house level or distributer level.
AFAIA, there are no mainstream investments currently in suspension.0 -
Could this be a case of a requirement for proof of identity of an existing customer, which does seem to be happening to some people - eg Problem accessing Cash In ISA — MoneySavingExpert Forum ? The context, as dunstonh said, is needed.0
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We can’t sell our Woodford units - although OP may be on about a different problem - if they give a bit more info, we can be more help.FIREDreamer said:
What happened with Woodford - are some parts still suspended?dunstonh said:
Context needed.Scappat said:Is it lawful for the FCA to block access, for an unspecified time, to investments that provide a monthly income which is necessary to pay bills, buy food etc?
The FCA doesn't block access to a specific individual. It will suspend an investment at the fund house level or distributer level.
AFAIA, there are no mainstream investments currently in suspension.If you want me to definitely see your reply, please tag me @forumuser7 Thank you.
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What happened with Woodford - are some parts still suspended?the liquid assets in that fund have been sold and released but the illiquid assets cant be converted to cash so easily. It is not the FCA that is preventing release. it is one of the consequences of investing in a fund that had a lot of illiquid assets.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.2 -
It is lawful when part of regulatory enforcement action against a financial institution or regulated individual.
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But that is to stop the regulated firm from disposing of assets. It shouldn't affect a consumer.masonic said:It is lawful when part of regulatory enforcement action against a financial institution or regulated individual.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
A very small fraction of the funds are still suspended. Somewhere around 1% of the value so I don't think it would be something that would affect income that the OP is claiming.FIREDreamer said:
What happened with Woodford - are some parts still suspended?dunstonh said:
Context needed.Scappat said:Is it lawful for the FCA to block access, for an unspecified time, to investments that provide a monthly income which is necessary to pay bills, buy food etc?
The FCA doesn't block access to a specific individual. It will suspend an investment at the fund house level or distributer level.
AFAIA, there are no mainstream investments currently in suspension.Remember the saying: if it looks too good to be true it almost certainly is.1
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