The Financial Services Compensation Scheme (FSCS) has said it is "making plans" to help eligible customers of troubled DFM Reyker Securities, which entered into administration on Tuesday (8 October).
Administrators Smith & Williamson (S&W) has been appointed to deal with the discretionary fund manager's special administration. It will carry out an assessment of the client money and assets held by the firm after which it will work to return as much client money and assets to customers as possible. If the firm does not hold enough client money or assets, the FSCS will cover the necessary compensation for eligible customers - up to its limit of £85,000. However, the lifeboat fund said there was no need for clients to make a claim with it "at this stage". Reyker Securities has around ...
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