Investment manager under investigation by FSCS

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Investment manager under investigation by FSCS

An investment manager has been placed under investigation by the Financial Services Compensation Scheme.

Haich & Associates (UK) Ltd, based in Kingston, near Hereford, has been the subject of claims to the FSCS relating to its activities as an Isa manager and its role in arranging customers’ investments.

The investments include bonds in BoxVn and NQ Minerals plc.

FTAdviser understands that the FSCS is in the early stages of investigating whether there are any claims against the firm that meet the qualifying conditions for FSCS compensation.

The company was authorised by the Financial Conduct Authority between May 2018 and May 2022, when its permissions ceased.

The company was struck off in May 2022, according to Companies House.

So far this year, the FSCS has declared 29 firms in default, with a further five put under investigation.

These include DAC Pensions, which failed with nearly 500 claims against it, and Portal Financial Services, which had the highest uphold rate between July and December last year, according to Fos data

Earlier this month, three firms were declared in default after a number of claims were upheld against each.