Richard Powell | Bloomberg Law Final Notice to Integrated Financial Arrangements plc – Financial Services Authority, 5 December 2011 ntegrated Financial Arrangements plc (IFA), the UK's largest wrap provider, has become the latest firm to be disciplined by the Financial Services Authority (FSA) for client money breaches. This takes place in quick succession to recent financial penalties imposed on Towry Investment Management Ltd1 and McInroy & Wood Limited,2 both investment managers. This latest action reinforces the importance of protecting client money and its place as a key FSA regulatory priority.3
Wrap PlatformsIFA operates a wrap platform, which enables independent financial advisers to place and trade their clients' investment portfolios, for example in mutual funds, exchange-traded funds and equities, together on one administrative-friendly, tax-efficient platform. In total, as at 30 September 2011, the firm held portfolios for 94,000 retail customers with a value of approximately
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