The service was operational for two-and-a-half years and all IFAs involved with Portfolio Six have been informed that no new money is now being accepted into the service.

Greyfriars is also reviewing its DFM business and, therefore, it will not be accepting any new business until the firm has completed this review. The FCA website does not mention the name 'Greyfriars.'

According to Nucleus, an advisor-owned wrap platform providing general, ISA, pension, onshore and offshore bond accounts for investors, advisors' use of DFMs has doubled in the last twelve months.