The Financial Services Compensation Scheme (FSCS) has completed its investigation into failed Nexus Independent Financial Advisers (Nexus), the director of which faces fraud trial, and its assessment team is set to process claims.
In a Monday (16 June) update, the lifeboat fund thanked clients of Nexus for their patience and set out that it is unable to confirm "exactly" when any specific claim will be paid. Nexus was placed under investigation by the FSCS in April 2023, after falling into administration in January of that year. At the time of its administration opening, Nexus and Nexus Investment Managers had been hit with Financial Conduct Authority (FCA) restrictions said to be "due to concerns about use of certain funds that appear to have been withdrawn by a senior individual in the firms". The FCA went on...
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