Oberon Investments wealth management division will need permission from the Financial Conduct Authority before onboarding new clients and investment managers.
The company has agreed to a voluntary requirement in its wealth management division while a regulatory review of its existing systems and controls is completed.
In a trading update, published today (April 14), Oberon added: “The VREQ does not affect existing clients and does not apply to, or impact, the group’s other divisions (including Oberon Capital and Asset Management), all of which continue to operate normally.
“The company has insurance cover in place in respect of any associated costs.”
It said the requirement followed a “period of recent growth”.
The company said there had been year-on-year revenue growth of 25 per cent, rising to £11.7mn in the year to March 31.
And the group is aiming for revenue growth of 20 per cent in the next financial year, hoping to reach more than £14mn.
The year also saw the appointment of Barry Smead as group COO from JM Finn, subject to FCA approval, while Adam Herringer became chief strategy and transformation Officer.
tara.o’connor@ft.com
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