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Collapsed DFM compensation continues as FSCS refunds Sipp customers

strand capital fscs compensationThe Financial Services Compensation Scheme has paid customers of two Sipp providers connected to collapsed discretionary fund manager Strand Capital.

Payments have been made directly to Easy Sipp and The Wise Sipp after the FSCS wrote to customers on 25 June to alert them of the payments.

A statement from the FSCS says for many customers these payments are just the first stage in returning assets to them.

FCA: New guidance body must boost profile of FSCS

The FSCS said in May it had paid out £5.7m to nearly 800 customers of the London-based DFM strand. The payments were made to 796 investors and related to client cash only.

That compensation was paid directly into customers’ Sipps.

An administrator’s report published in January shed light on a host of failings that led to the collapse of Strand, which was put into special administration in May last year.

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  1. Julian Stevens 29th June 2018 at 1:40 pm

    How long before Strand Capital was put into special administration did the FCA become aware or ought reasonably to have been aware that it was in financial difficulties and that client monies were at risk?

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