Jarvis updates market on review of investment management subsidiary

4th Jul 2023 17:04

(Sharecast News) - London-based financial services provider Jarvis Securities updated the market on the ongoing skilled person review on Tuesday, being conducted by an independent third party appointed under the Financial Services and Markets Act (FSMA).

The AIM-traded company said the review was focussed on examining the systems and controls of Jarvis Investment Management Limited (JIML), a subsidiary of Jarvis Securities.

It said the skilled person, as part of the second phase of its work, completed the review and testing in accordance with the agreed terms with the Financial Conduct Authority (FCA).

The findings of the review and its recommendations were then presented in a report to JIML and the FCA on 24 May.

In response to the review, JIML formulated a remediation plan, which it aimed to substantially complete within the next two to three months.

The company said the plan was designed to address any identified issues and implement the necessary improvements to enhance the systems and controls of the company.

Looking ahead, Jarvis Securities expected that the skilled person would conduct a follow-up review in the fourth quarter to evaluate the progress made by JIML in implementing the remedial steps.

"The-voluntarily agreed restrictions, as set out in a previous update, remain in place," the Jarvis board said in its statement.

"JIML will continue to work with the skilled person and FCA with the aim of having the restrictions lifted on its impacted Model B clients as soon as possible.

"The board will provide a further update in due course."

At 1512 BST, shares in Jarvis Securities were flat at 150p.

Reporting by Josh White for Sharecast.com.