The Financial Services Compensation Scheme (FSCS) will compensate 2,500 clients of discretionary fund manager Strand Capital, which entered administration in 2017.
The distribution plan was approved by the High Court on 2 April, and clients have been urged to contact the special administrators of Strand, Smith & Williamson, to prove details of where their assets should be sent. Strand filed an application to the High Court for its special administration order on 15 May 2017 because it had become insolvent. According to the Smith & Williamson, during 2016 the company's sole shareholder was seeking to dispose of its interest in the company because it was no longer a strategic fit with its ongoing business plan. As part of these plans, a sale by ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
