A financial planning business in Charlottetown has been shut down and is under investigation by the provincial government.

A spokesperson from the P.E.I. Department of Justice has confirmed to CBC News that Morton Dew Ltd. and Cuddy Financial Management Group are under investigation.

The statement also names Frank H. Dew and David H. Cudmore.

"The individuals (Dew and Cudmore) are no longer licensed to trade in securities or insurance, and can no longer conduct business either themselves or through a company," the statement reads.

The businesses and individuals are being investigated under both the Securities Act and the Insurance Act.

The province is asking that anyone who has had dealings with the four named parties contact Phillip McInnis at the Department of Justice.