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Administrators anticipate compensation for Greyfriars investors

Investors from collapsed wealth manager Greyfriars Asset Management should be able to get some type of compensation, say administrators Smith & Williamson.

Greyfriars went into liquidation in October 2018 when Smith & Williamson were appointed as joint administrators to the troubled provider.

A six-month progress report published on Companies House sheds light on how the administration work on the firm is going.

It says due to ongoing talks with the Financial Services Compensation Scheme it is unclear at present whether certain claims will be accepted and what they might be.

The report also says no action has been taken yet to agree what should happen to  received claims but it is anticipated realisations will be sufficient to pay a dividend to unsecure creditors.

Sixteen claims have been received so far and amount to £1.1m.

In January Greyfriars sold its Sipp and SSAS administration business to Hartley Pensions for £820,000 that consisted of 1600 Sipps, 160 SSAS and almost £500m assets under management.



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