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Stockbroker enters special administration

FSA-Building-480

Stockbroker Fyshe Horton Finney has entered special administration on the grounds that it is unlikely to be able to pay its debts.

An FSA announcement today confirmed the move with Harrisons Business Recovery & Insolvency appointed as administrators.

FHF is a small investment firm offering discretionary, advisory and execution-only business across 15 regional offices.

It is the fourth time a firm has entered a special administration regime which was brought in in February 2011 to ensure return of client assets as early as possible, to ensure timely engagement with market infrastructure bodies and the authorities and to rescue a firm or wind it up in the best interests of creditors.

The special administrator can direct suppliers to the firm to continue to provide services to the business to facilitate an orderly resolution.

The FSA is instructing any clients of FHF to contact the administrators.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Yet another Stockbroker goes bust & adds to the misery already inflicted by the FSCS on the ever shrinking number of decent & ethical financial advisers who will be forced to stump out more money to the FSCS. Enough is enough!

    Am I going insane – why are the innocent being punished & the wrong doers getting away scot free once again!

    The U.K’s regulatory system stinks!

  2. Good news just as a new interim levy hits our Inbox.

  3. Hampshire Yokel 21st March 2013 at 10:12 am

    Whilst some firms that go into default were certainly businesses that were guilty of inappropriate activities, this is not necessarily the case for all insolvent firms.

    I could refer to specific firms that should have been closed down long before they went insolvent, thus reducing the significant impact they had on the FSCS, but I think it is inappropriate to do so in a forum such as this.

    However, some bad firms still exist and so some bad firms will have to pay the levies. Some good firms went bust and so will increase the levies.

    What we should perhaps be focussing on is the supervision, or lack of it, conducted by the FSA. Should they have been more aware of the firm’s financial position earlier in the process and should they have been doing things to protect the firm’s customers and the industry as a whole?

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