Catalyst Fund Management has become the first fund manager to lose the right to offer advice to retail clients since the implementation of the Retail Distribution Review at the start of the year.

The Financial Conduct Authority said in a supervisory notice published today that Catalyst did not have any qualified retail investment advisers and posed a risk to its objective of ensuring consumer protection. The FCA added that the firm had failed to respond to earlier requests from the regulator to give up the permission of its own accord.