FSCS provides update to clients of Reyker Securities
The UK Financial Services Compensation Scheme (FSCS) today provided a bit of positive news to clients of Reyker Securities, a firm which was placed in administration in October 2019.
FSCS confirms that the Joint Special Administrators (JSAs) of Reyker Securities PLC have begun transferring Reyker’s customers’ assets to new brokers.
The existing investment manager or a newly-designated broker will be in touch the clients to inform then about the next steps. The transfer of securities that are held electronically is already well underway.
If you are a client of the brokers James Brearley and Logic, you can see your CREST securities in your online account. If you’re a customer of another broker, your share transfer forms have either already been submitted to the new broker for re-registration, or will be submitted soon.
The whole process of transferring assets will take several more weeks overall.
FSCS will now cover the costs of the Special Administration for almost every customer. This means that FSCS-protected customers can have their assets transferred to the new broker without any deduction by the Joint Special Administrators.
The FSCS has been working closely with the Joint Special Administrators (JSAs) and their team at Smith & Williamson to ensure that Reyker clients’ assets are returned as quickly as possible. Around 11,500 former clients of Reyker Securities have taken a major step forward toward being able to access their assets.