The Financial Services Compensation Scheme has made compensation payments of below £50,000 to known clients of failed stockbroker Fyshe Horton Finney Limited.
As those client only had one account with FHF and had a total balance below £50,000, they did not need to complete an FSCS application form, the FSCS said. It added it has “now sent application forms for compensation to all other identified clients”.
Clients who have not returned their claim agreement form to the special administrators were advised to do so “without delay” as the FSCS will only base compensation payouts on “agreed balances”.
In June, the FSCS said it was finalising a claims process for clients of FHF, which entered the ‘special administration regime’ in March.
The FSCS said it has been “working closely” with Paul Boyle and David Clements of Harrisons Business Recovery and Insolvency Limited, the special administrators of the firm, with “the aim of returning funds to clients as quickly as possible”.
FHF entered the ‘special administration regime’ in March, meaning the firm is either unable to pay its debts or likely to be unable to do so in the near future.
FHF is a small investment firm offering discretionary, advisory and execution-only business. The firm’s placement into the regime marked the fourth time the SAR had been initiated by the then Financial Services Authority.
