Nexus Independent Financial Advisers Limited and Nexus Investment Managers Limited – administration

Nexus Independent Financial Advisers Limited and Nexus Investment Managers Limited entered administration on 13 February, after the FCA imposed a number of restrictions on the Portsmouth-based finance firms, preventing them from carrying out any regulated activities, including adding new customers, and restricting access to their assets. The FCA said that it had very serious concerns that the firms’ sole director may have withdrawn client funds totaling over £2 million for her own personal use. Nicola Layland and Carl Faulds of Leonard Curtis were appointed Joint Administrators and are working on conducting a sale. The Trustees of the Nelssington Pension Scheme have a registered charge against Nexus Independent Financial Advisers Limited, while David Stephenson has a charge against Nexus Investment Managers Limited.