In June, the advice firm applied to the FCA to temporarily cease all of its regulated activity with immediate effect, but confirmed to International Adviser that it had no plans to close Holborn Asset’s UK operations.
The issue centred on lapsed professional indemnity insurance, UK managing director Chris Wicks told IA at the time.
“This is just temporary and we remain absolutely committed to the UK business.”
No more DB transfers
In March, Holborn was hit with a cessation notice by the FCA which ordered the company to immediately cease all pension transfer business, particularly that introduced by overseas advisers.
In a statement on Thursday, the company confirmed it is authorised by the FCA but the latest move gives across the board approval, meaning it is able to resume offering advice on DB transfers for UK-based clients.
Picking up where it left off
Bob Parker, chief executive of Holborn Assets, said: “This is great news for us in addition to the wider industry.
“Having temporarily paused advisory work in the UK in May on advice from the FCA, we, along with several other firms, are proud to be working in the country again. Holborn is delighted to have reached an agreement with the FCA and is grateful to the organisation for supporting us in reaching an agreement promptly.
Parker said Holborn will continue working with the FCA. “With immediate effect, we are now back to advising our wealth of clients on how they can make the most of their DB pensions as well as their wider personal finances. We will also champion the new and careful FCA guidelines now in place to monitor risk in pension transfers more closely.
“As an industry, we are seeing an increased demand from customers who are looking for advice to build themselves a more secure future. As of today, Holborn picks up where it left off in working with British nationals wanting to create a safe, secure and rewarding retirement to care for themselves and their families during their retirement years.”
