Andrew Colyer-Worsell

Limits on what they may do

• Asset and DB Transfer Restriction

  Requirement 1 – Regulated Activities 1. The Firm must cease carrying on all Defined Benefit (DB) Pension Transfer regulated activities. This includes: a) all DB Pension Transfer business where applications have not yet been submitted to the product provider; and b) any other DB Pension Transfer pipeline business, unless FCA’s prior consent has been obtained. 2. The Firm must not carry out any of the business described in 1, unless it has the FCA’s prior written consent. 3. In relation to any DB Pension Transfer pipeline business the Firm must: a) cease to act for any customer(s); b) contact product providers to stop DB Pension Transfer investment business for these customers; and c) contact customers to inform them that the Firm cannot complete the type of business described in 1 on their behalf. The content of that communication must be agreed by the FCA before it is sent, and when it is sent, a list of all the customers to whom it has been sent to must be provided to the FCA. 4. In this requirement “pipeline business” refers to any DB Pension Transfer resulting from regulated activities undertaken by the Firm where a Defined Benefit transfer have been requested, or any advice provided, but not completed. Requirement 2 - Assets restriction 5. The Firm must not, without the prior written consent of the FCA, in any way dispose of, withdraw, transfer, deal with or diminish the value of any of its own assets, and any funds it holds for, or to the order of, its customers (whether in the United Kingdom or elsewhere). 6. The Firm must immediately secure all books and records and preserve information and systems that relate to regulated activities carried on by it, and must retain these in a form and at a location (to be notified to the Authority in writing) such that they can be provided to the Authority promptly upon request. 7. The assets restriction does not apply to monetary payments or the disposal of assets made by the Firm in the ordinary course of business. The following payments shall not be regarded as payments in the ordinary course of business: a) Payments in excess of the amount of £20,000, in any given case, made to the Firm’s controllers, shareholders, directors, officers, employees or any connected persons. b) The making of any capital distribution. c) The making of any gift or loan by the Firm to any party in excess of £5,000. d) Payments in excess of the amount of £20,000 made to the firm’s controllers, shareholders, directors, officers or employees as part of any financial restructuring or reorganisation of its business (whether share or asset based). 8. The assets restriction does not apply to: a) Transactions giving effect to instructions initiated by customers that are not in the pipeline. b) Payments of funds to the Firm’s suppliers in the ordinary course of business and in satisfaction of the Firm’s contractual obligations. c) Usual and proper salary payments made by the Firm. Notification requirements 9. Andrew Colyer-Worsell, acting in his capacity as SMF3 Executive Director and SMF16 Compliance Oversight, must provide written confirmation to the FCA that it is in compliance with these Requirements by 16 April 2021, until such time as it is notified in writing by the FCA that it may cease to do so. Effective date 10. The Requirements in this application are to take immediate effect on their acceptance by the FCA and notification of such to the Firm by email. The Requirement(s) will stay in effect until the FCA is satisfied that they can be lifted.

• Asset Restriction and Firm to cease all regulated activities.

  Andrew Colyer-Worsell (FRN: 134905) (the Firm) applies under section 55L(5)(a) and (b) of the Financial Services and Markets Act 2000 (FSMA) for the Financial Conduct Authority (FCA) to impose the following Requirements (the Requirements) on the Part 4A permission of the Firm as set out in the terms below. This also replaces the requirements imposed previously by voluntary requirement on 21 April 2021. Requirement 1 – Restriction on regulated activity 1. The Firm must not, without the prior written consent of the FCA, carry out any regulated activities for which it has Part 4A permission. Replacement of the requirements previously imposed 7. For the avoidance of doubt, this voluntary requirement on the Part 4A permission of the Firm replaces the Requirements imposed previously by the voluntary requirement on 21 April 2021. Publication 8. The terms of the Requirements will be published by the FCA on the Financial Services Register upon being accepted by the FCA. Effective date 9. The Requirements in this application are to take effect immediately on their acceptance by the FCA and notification of such to the Firm by email. 10. The Requirements will remain in force unless and until varied or cancelled by the FCA (either on the application of the Firm or of the FCA’s own volition).