UK FCA restricts LCM Family Limited from regulated activities and asset handling during administration
→Client-facing teams must stop all dealings with LCM — the firm cannot conduct regulated activities or handle assets without FCA approval
Change
UK FCA restricted LCM Family Limited from conducting regulated activities and from dealing with assets without regulatory consent, with the firm now in administration under joint administrators.
Why it matters
LCM Family Limited is prohibited from carrying out regulated activities and from dealing with its own or client assets without FCA consent under a voluntary requirement. The firm’s entry into administration places control with appointed administrators, while restrictions remain in force. The combination of regulatory constraint and insolvency status removes the firm’s ability to service clients or execute transactions independently.
Implications
- → Counterparty and onboarding teams must immediately block LCM from new or ongoing engagements — the firm cannot legally provide regulated services under FCA restrictions
- → Client migration and relationship teams must transition any existing LCM-linked clients or mandates to alternative authorised providers — continued reliance on LCM creates regulatory exposure
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Source
View on FCA