LCM Family enters administration after FCA restrictions halt operations

LCM Family Limited, a dual-regulated financial advisory and legal services firm based in Manchester, has entered administration following the imposition of regulatory restrictions that effectively halted its core activities, with Louise Longley and Gary Shankland of BTG Begbies Traynor appointed as joint administrators on 28 April 2026.

The appointment follows a period of escalating regulatory intervention by the Financial Conduct Authority, which had already placed the firm under restriction prior to the insolvency. On 14 April 2026, LCM agreed to a voluntary requirement with the FCA that significantly curtailed its operational capacity, effectively shutting down its regulated financial services business.

Under the terms of that agreement, LCM ceased all FCA-regulated activities with immediate effect and was prohibited from providing financial advice, arranging transactions, conducting reviews, or making recommendations. The firm was also restricted from moving its own assets, client money, or client relationships without prior written consent from the regulator, a constraint that materially limited its ability to continue trading as a going concern.

LCM operated a hybrid model, combining FCA-authorised financial advisory and investment services with a legal services arm overseen by the Solicitors Regulation Authority. This dual-regulated structure placed the firm within overlapping supervisory frameworks, increasing compliance complexity and exposing it to coordinated regulatory scrutiny as concerns around its operations intensified.

According to The Business Desk, the firm had £89m of assets under administration and acted as a full-service provider to approximately 300 individual clients across 50 family groups.

The firm remains authorised by the FCA and subject to its rules, notwithstanding the cessation of regulated activity. The regulator has indicated it will continue to engage with the joint administrators and take further action where necessary to secure the best possible outcome for customers.