What has happened?
Fyshe has declared itself insolvent as it is unable to pay its debts. David Clements and Paul Boyle at Harrisons Business Recovery & Insolvency Limited, have been appointed joint special administrators. Their job is to achieve the best result overall for clients as well as those Fyshe owes money to.
How does this affect me?
Fyshe is now closed to business. At this stage, client money and assets are currently being held while the special administrators assess the situation. The special administrators are required to ensure that client money and assets are returned as soon as reasonably practicable. You should contact the special administrators for further information on 01189 510798 or 0207 317 9160.
The Financial Services Compensation Scheme[1] (FSCS) may be able to provide compensation to eligible investors if they experience a loss. However, you should first contact the special administrators if you are concerned about the impact of the SAR on your money.
What is the Special Administration Regime (SAR)?
The SAR, introduced by the Government in 2011, helps sort out situations where investment firms that hold client money and assets fail. It aims to ensure, among other objectives, that client money and assets are returned to customers as soon as reasonably practicable.