Welrex Ltd

Limits on what they may do

• Restrictions on Activities

  (1) THE RESTRICTIONS IN PARAGRAPH (1) WERE LIFTED ON 7 NOVEMBER 2024. (2) [THESE REQUIREMENTS HAVE BEEN AMENDED AS A RESULT OF THE RESTRICTIONS IN PARAGRAPH 1 BEING LIFTED] The Firm must not, without the prior written consent of the Authority, increase its client count to more than 10 or take on more than two Independent Relationship Managers until all the following conditions are satisfied: (a) The Firm has obtained approval from the Authority for its proposed new Compliance Oversight Function Holder (SMF 16) and Money Laundering Reporting Officer (SMF 17) to perform their role. (b) Either (i) The Firm’s new SMF 16 and 17 function holder has conducted a second line review of the Firm’s compliance systems and controls, including in relation to its management of prudential risk and the Firm has provided a copy of their report on the outcome of the review to the Authority; or (ii) The Firm’s auditors have conducted a third line review of the Firm’s compliance systems and controls, including in relation to its management of prudential risk and the Firm has provided a copy of their report on the outcome of the review to the Authority. (c) The Firm has confirmed to the Authority that any remedial actions identified as necessary by the review carried out pursuant to Paragraph 2(b) of these Requirements have been satisfactorily completed. (3) If the Firm or its auditors wish to engage a third-party to support them to carry out the review required by Paragraph 2(b) of these Requirements, the Firm must obtain the prior written consent of the Authority before the third-party is appointed.

• This firm may handle your money in passing but must not hold it, so payments should go to the product provider, never to a personal account.
• Retention and reporting requirements

  (4) The Firm must secure all books and records, preserve information and systems, which may be relevant to demonstrating compliance with the Requirements, and must retain these in such a form that they can be provided to the Authority, or to a person named by the Authority, promptly on its request. (5) The Firm must submit copies of its management accounts to the Authority monthly commencing 1 November 2023 and ending 30 November 2024. The accounts should be provided to the Authority by the last working day of the month following the month they relate to (for example, the management accounts for November 2023 should be provided to the Authority by the last working day in December 2023). (6) The management accounts provided as required by paragraph (5) of these Requirements should be accompanied by confirmation from a Senior Management Function holder at the Firm of: (a) the amount of regulatory capital that the Firm holds; (b) the number of clients the Firm has; (c) the value of assets under management; and (d) the number of IRMs engaged by the Firm. 1.2. These Requirements replace all other requirements imposed on the Firm pursuant to section 55L(5)(a) of the Act. 1.3. These Requirements take immediate effect and remain in force unless and until varied or cancelled by the Authority (either on the application of the Firm or of the Authority’s own volition).