London-based Organic IM said on 7 December 2018 that it is “forbidden by the regulator (Financial Conduct Authority) from engaging in any regulated activities, including investment management, without the prior written consent of the regulator”.
A notice on the FCA’s website said the firm continues to be an authorised entity, though it is suspended.
Philip Milton, managing director of PJ Milton & Co, said: “At this juncture we shall only be managing the extra, segregated funds with no responsibility to advise the individuals involved on their personal financial planning.
“Our sophisticated investment and administration systems, created for our own unique requirements, are perfectly structured to accept the new money and assets without significant disruption to staff, clients nor the firm’s underlying investment strategies.
“Thinking further ahead, it gives us a great opportunity to choose to expand our range of services and our team of staff (already 30 strong), thereby providing an invaluable boost to the local North Devon economy.
“We shall also be viewed as a bigger ‘player’ in the market at large, giving us the opportunity of being propelled into a new level of operation.”
The addition of clients will take PJ Milton’s total funds under management to over £200m.