Execution-only platform Selftrade has stopped taking on new customers after discussions with the FSA lead the platform to voluntarily vary its permissions.
The firm, which has over 200,000 accounts and more than £4bn of assets under administration, suspended the acquisition of new customers on 15 January and is now reviewing its processes.
Selftrade says existing customers are unaffected by the move, and can continue to place new business with the firm.
A Selftrade spokeswoman says: “Following discussions with the FSA in December, Selftrade has raised a voluntary variation of permission with the regulator. The board of Selftrade has resolved to undertake a review to enhance some of the firm’s processes, which it is committed to completing as quickly as possible.
“In order to devote the resource required to this review, Selftrade is temporarily suspending the acquisition of any new customers. Existing customers are unaffected by the VVOP and can continue to place new business with the firm. Selftrade is looking to enhance its processes and wishes to stress that no client money has been lost nor has there been any financial loss to the firm resulting from its previous processes.”