HBFS financial services limited

[Legal Beagles]

The City of London Police and the Financial Conduct Authority are working closely on an investigation concerning the affairs of HBFS Financial Services Limited, a firm regulated by the Financial Conduct Authority.

https://www.fca.org.uk/news/news-sto...rvices-limited

[Unregistered]

Re: HBFS financial services limited

Any further information?

[Amethyst]

Re: HBFS financial services limited

Not a lot
http://www.mirror.co.uk/news/politic...-11621471#ICID

Investment firm part-owned by top Tory under police investigation over fraud allegations
The husband of a senior Conservative politician - and co-owner of the business - has been arrested

Freddy David, managing director of HBFS Wealth Management, has been arrested by City of London Police on suspicion of fraud and money laundering.

His wife Hannah David, who is a former Tory parliamentary candidate and is national director of the Conservative Policy Forum, is a 25% shareholder in HBFS.

An HBFS spokesperson said: “Hannah David, Freddy’s wife is a silent minority shareholder, with absolutely no role in the company whatsoever.”

The Mirror revealed in June that HBFS is linked to legal tax avoidance, specialising in helping wealthy people use tax laws to pay less inheritance tax using tax havens.

.....


A City of London Police spokesman told the Mirror: “The City of London Police arrested a 49 year old man on suspicion of Fraud by False Representation, False Accounting and Money Laundering on Thursday 9 November at an address in Borehamwood, London.

https://www.thejc.com/news/uk-news/a...inues-1.449457


FCA Requirements

Closed to new business and Advertising Restriction

Under section 55L(3) of the Financial Services and Markets Act 2000, the Authority has decided to impose the following requirements on HBFS Financial Services Limited.

Requirement 1:
1. HBFS shall be closed to all business from new customers for all activities from 9 November 2017.
2. HBFS to provide to the Authority daily bank statements, by no later than 5pm, for its office accounts:
a. Barclays Bank, sort code: xx-xx-xx, account number: xxxxxxxx.
b. Nat West, sort code: xx-xx-xx, account number: xxxxxxxx.
3. For the avoidance of doubt:
a. this does not prevent HBFS from continuing to provide services to persons who are already clients of HBFS as at the date of this Notice in accordance with its regulatory permissions.
b. HBFS continues to be prevented from holding client money.

Requirement 2:
4. HBFS is to cease advertising its services in all forms from 9 November 2017. This advertising restriction includes HBFS advertising online, through press agencies, in directories, in local, national and community press and by way of leaflets, flyers, orally or equivalent.
5. HBFS is to use reasonable endeavours to withdraw any advertising in place as at the date of this Notice and to confirm to the Authority the steps it has taken to do so.
6. HBFS is to set out within two days of the date of this Notice, in a prominent place on its website, that HBFS cannot carry out new business. The wording and format of the announcement is to be approved by the Authority prior to its being placed on the website.
7. For the avoidance of doubt, and subject to the provisions of paragraph 6 above, nothing in this Notice prevents HBFS from maintaining the website at http://www.hbfs.co.uk/.



Requirement 3:
8. HBFS to write to all existing customers within five working days of the date of this notice, in a form to be agreed by the Authority, to confirm that HBFS is prevented from holding client money and all investments (including premiums) should be provided to the product provider. For the avoidance of doubt any customers who are transacting prior to receipt of this letter be provided with this same information.