View more on these topics

DFM enters administration

3,000 clients may have to turn to FSCS to get their money back

UK-Currency-Money-Coins-700x450.jpg

Investment management firm Strand Capital has been put into special administration, the FCA has announced.

Strand has around 3,000 clients, and brands itself as a “modern discretionary fund management” service. It offers five risk rated portfolios from conservative through to adventurous as well as lifestyling options for decumulation clients.

According to the FCA register the firm has been authorised since 2009, with permissions to advise on all investments except pension transfers or opt outs.

In a note sent by the FCA yesterday evening, it said that Strand had applied to the court to start insolvency proceedings after making an assessment it could no longer continue.

Special administrators Smith and Wiliamson and LA Business Recovery will be contacting all affected customers “in due course” after assessing what client money is held by the firm and its current financial position.

The FCA warned that in the event clients are short changed, claims may fall on the Financial Services Compensation Scheme.

It said: “If the assessment of client money results in Strand’s clients not having all of their money returned, they may have access to the Financial Services Compensation Scheme, depending on their individual circumstances.”

The FCA register says Strand has agreed to cease all regulated business and retain all its assets.

Strand has entered insolvency under the Special Administration regime, which was bought in in 2011 to solve failures at firms covered by the FCA’s Client Asset Sourcebook rules.

Recommended

FCA building FCA fees
5

FCA calls in industry for further FSCS talks

Regulator to feed back initial thoughts after consultation on FSCS reform Industry representatives have been invited in for further talks with the FCA over its review of how the Financial Services Compensation Scheme is funded. The FCA began its consultation on the future of the FSCS in December. Among the options put out for discussion […]

UK-Currency-Money-Coin-Pounds-GBP-700x450.jpg

Payday lender enters liquidation after FCA intervention

Embattled payday lender Cash Genie has entered liquidation following an intervention from the FCA. Liquidator RSM Restructuring Advisory took over the firm, which is in the process of paying £20m in redress to 92,000 people, yesterday. The regulator says the liquidation will not affect the payment of redress to customers. Cash Genie first approached the […]

Boardroom-Business-Finance-Corporate-Meeting-Hire-700x450.jpg
1

High Court liquidates firms behind £1.5m land banking scam

Two Liverpool companies acting as “bookends” for a £1.5m land banking scam have been ordered into liquidation by the High Court. In January the Insolvency Service, which has led the investigation, secured the dissolution of Gilbert Webb Estates for marketing worthless land as an investment to groups including recovering cancer sufferers. And the High Court […]

Adrian-Grace-on-stage-at-Platforum-conference-in-2013.jpg

Aegon chief unmoved by replatforming concerns

Aegon says platform project is on track with costs and timings Aegon chief executive Adrian Grace says the provider is on track to deliver the new Aegon/Cofunds platform on time and on budget. The technology companies powering adviser platforms were thrust into the spotlight last week when Old Mutual Wealth terminated its contract with IFDS […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment