This means that the FSCS is convinced that the DFM can’t pay claims made against it
The Financial Services Compensation Scheme has declared that Discretionary Fund Manager, Strand Capital, is now in default and cannot meet mis-sold pensions claims to clients or former clients. It also means that the FSCS is likely to have to step in to pay success claims made against the actions of Strand Capital.
According to Strand Capital’s public files made available on Companies House, the DFM had £86Million under management in the year up to 30th June 2016, which may belong to around 3000 clients.
Special Administration
Strand Capital has already gone into a Special Administration as of May 2017, the aim of which is usually the returning of money to clients more easily than a normal administration procedure, but the FCA gave no such guarantees at the time.
With the firm now in default with the FSCS, it means claimants may be limited to a payout of £50,000.
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We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.
We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.
When you get let down by someone you thought you could trust, it can leave its mark on you, emotionally and physically.
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We have decades of experience in helping people claim back money that is rightfully theirs. Whether you want to make a mis-sold pension claim, have questions about a mis-sold investment, or you’re just looking for some advice you can trust – we’ve got you covered. Reach out to our team today for a no-obligation, completely free chat.
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