Throgmorton Financial Advice Limited

Limits on the record

• Requirement regarding an asset restriction and record keeping

  Asset Requirement 1. The Firm must not, without the prior written consent of the FCA, in any way dispose of, withdraw, transfer, deal with or otherwise reduce the value of any of its own assets, or any funds it holds, controls or has access to for, or to the order of, its customers (whether in the United Kingdom or elsewhere) pending the FCA’s assessment of complete information about the Firm’s regulated business, financial position, customer relationships and any customer funds or assets. 2. The Firm must ensure that all relevant funds are appropriately ringfenced in a designated client money account or accounts. For the avoidance of doubt, if this requires a transfer between accounts, this must be done with the prior written consent of the FCA. 3. The assets restriction does not apply to monetary payments or the disposal of assets made by the Firm in the ordinary course of business, amounting to no more than £1,000, whether as a single transaction or a combination of related transactions. The Firm must notify the FCA promptly of any proposed payment, disposal or series of related transactions that would exceed this threshold and must obtain the FCA’s prior written consent before proceeding. 4. The following payments shall not be regarded as payments in the ordinary course of business: a. Payments of unusual or significant amounts 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; d. Payments made as part of any financial restructuring or reorganisation of its business (whether share or asset based). 5. The assets restriction does not apply to: a. Transactions giving effect to instructions initiated by customers, provided that such transactions do not involve the Firm carrying on any regulated activity for which its permission has been removed, do not involve the provision of advice or arrangement of new investment business, and are limited to actions necessary to protect customer interests or comply with legal or regulatory obligations; b. Payments of funds to the Firm’s suppliers in the ordinary course of business and in satisfaction of the Firm’s contractual and legal obligations; c. Usual and proper salary payments made by the Firm. Secure Records 6. The Firm must secure and preserve all records and/or information (whether physical or electronic) relating to the Firm's regulated activities and business from its systems in their original form, or in a copy proved to be identical to the source material. These must be retained in a form and at a location within the United Kingdom, to be notified to the FCA in writing within two business days from the Effective Date, such that they can be provided to the FCA, or to a person named by the FCA, promptly on its request.