On 27 January 2015 LQD Markets UK formally entered into Special Administration Regime insolvency proceedings.
FAQs
1. What is the Special Administration Regime (SAR)?
The SAR, introduced by the government in 2011, helps sort out situations where investment firms, which hold clients’ money and/or assets under the FCA’s CASS rules, fail. The SAR process has a number of objectives, but one of these is to ensure clients’ money and assets are returned to customers as soon as is reasonably practicable.
2. Why did LQD Markets UK enter the SAR?
On 27 January 2015 LQD Markets UK formally entered into the SAR.
Having reached an assessment that the firm was no longer solvent, the firm made an application to Court to formally initiate insolvency proceedings under the SAR.
3. Who are the special administrators?
Baker Tilley has been appointed as the special administrator. Matthew Haw, Graham Bushby and Matthew Wild are the joint Special Administrators.
The Joint Special Administrators have set up a dedicated microsite[1] and email address [email protected] to facilitate this process and to provide you with updates.
4. Is there any client money missing?
The special administrators will assess the client money position of LQD Markets UK as part of their work. Once the special administrators have carried out this assessment, whether there is any client money missing will become clearer.
The initial view in the early stages is that there is a deficit in the client money.
5. How many customers are affected?
LQD Markets UK has more than 400 customers. The special administrators will get in touch with affected customers in due course.
Baker Tilley’s dedicated microsite[1] will be the relevant source of information on the progress that is being made by them on this.
6. Will I get my money back?
The special administrators will return as much client money to clients as possible, as quickly as possible.
7. If I cannot get all my money back from LQD Markets UK, am I entitled to any compensation?
After the special administrators have completed their assessment of the client money position of LQD Markets UK, it will become clearer whether there are any customer losses relating to client money. If this is the case, depending on your individual circumstances, you may have access to the Financial Services Compensation Scheme (FSCS).
8. Who should I contact to find out more?
You should contact the special administrators to understand more about how this situation might affect you personally. Please visit Baker Tilley’s dedicated microsite[2] for further information.