The total contribution from the Financial Services Compensation Scheme (FSCS) toward clients of failed brokerage Pritchard Stockbrokers is likely to reach £4m, according to the group's administrator.
Pritchard Stockbrockers was put into special administration in March this year shortly after it was forced to stop trading by the Financial Services Authority (FSA) for failing to adequately protect client money. Mazars was appointed administrator to the firm. In July, Mazars distributed to investors an interim payment of 50p in the pound, and it aims to return a further 25p in the pound over the coming months. With 75% of the costs covered, there will be an estimated shortfall of £2.8m on the account, Mazars said. There is also expected to be additional costs (such as monies payab...
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