Eight firms enter liquidation following FCA action

The 8 firms appear to have connections to each other. None of the firms have ever been permitted to provide regulated investment services and we are aware that consumers may have invested substantial sums with at least 2 of the firms (Cavendish and Marvell). 

The firms failed to respond to communications from us and we believe they posed a significant risk to consumers. 

We took action to prevent these firms from causing further harm to consumers and so that, if the firms hold any assets, they can be recovered for the benefit of anyone owed money by the firms.

The process of winding up the firms and liquidating any assets will be carried out by the Official Receiver. They can be contacted using the details below.

Write to: The Official Receiver, K Hudson, P O Box 16664, Birmingham B2 2JQ
Email: [email protected]
Phone: 0300 678 0016

Affected consumers should contact the Official Receiver with details of any claims for compensation. They can also contact the Financial Services Compensation Scheme (FSCS) but should note that FSCS cover may not be applicable (see below for more information).

The Financial Services Compensation Scheme (FSCS) protects consumers when financial services firms fail. It is the compensation scheme for customers of UK authorised financial services firms. It has eligibility criteria both in respect of the people and businesses who are covered. Whether you have access to FSCS protection may depend on whether you have received any regulated services, such as investment advice.

The FSCS is now considering claims against some of the firms. Further information can be found on their website, including on FSCS’s pages set up for claims against Cavendish Incorporated Ltd[7] (and its former appointed representative Cottesmore Associates Ltd) or Marvell Enterprises Ltd. [8]

Before making any payments in relation to investments, we encourage consumers to see the information on our website, including our ScamSmart pages. In particular, customers should see our information on recovery room scams. 

UK consumers are being increasingly targeted by recovery room scams. This is where fraudsters approach investors who have been scammed or had failed investments, offering to help them get their money back for an upfront fee.   

Also see our published information for consumers considering investing in products offering high rates of return[9].

Almost all firms offering financial services in the UK must be authorised and registered by us. Check our Financial Services Register to see if a firm or individual is authorised or registered with us and whether the ‘activities and services’ it holds permission for cover the service it is offering.

You should check to see that a firm’s permissions match the services that it is offering to provide to you. For example, at the time that these 8 firms were offering investments to customers they only held limited permission credit broking activities and did not hold any investment related permissions. This would indicate a potential problem. Consumers can get in contact with us to discuss any concerns that they have, or before making a high-risk investment, using the details on our website[10].

Always access the Register[11] from our website, rather than through links in emails or on the website of a firm offering you an investment.  

Use the FCA Warning List to check the risks of a potential investment – you can also search to see if the firm is known to be operating without our authorisation.

Not all investments are regulated by us (eg wine or whiskey) – find out more about unregulated investment products.