Alexander David Securities Limited

Latest updates

• 30 Apr, 2024

  FSCS declared Alexander David Securities Ltd ‘in default’ on 30 April 2024.

  This means FSCS can now pay compensation to customers if claims are valid.

• 26 Jan, 2024

  We’ve completed our investigation into Alexander David Securities Ltd (ADSL) in relation to the activities of its appointed representative, St Pauls Marketing Ltd (St Pauls).

  Our investigation centred on customers who St Pauls introduced to their corporate client, JLG Group Plc (formerly The Just Loans Group Plc/Just Loans Plc) and who then switched their pension arrangements into a Gaudi self-invested personal pension (SIPP) in order to invest.

  FSCS can consider claims against ADSL for the activities of St Pauls from 12 October 2015 to 15 August 2017 (when St Pauls ceased to be regulated).

  We’ll shortly be passing claims to one of our assessment teams who will contact customers when they are able to start reviewing their claim. 

  Due to a high volume of claims against the firm, this may take some time. Please note that we are unable to give an exact timescale for when any individual claim will be processed.

  Our investigations into the activities of ADSL themselves are progressing well and we will provide an update as soon as we can. 

• 29 Nov, 2023

  We have completed our investigations into the activities of ADSL’s appointed representative, Templeton Securities Ltd. This is specific to a group of claims affecting customers who invested into shares in Emmit plc, Eligere Investments plc and Global Auto-Trade Group plc.

  As FSCS is a fund of last resort, customers who may have a claim against the ‘live’ firm, Options UK Personal Pensions LLP, will need to exhaust this avenue before FSCS can consider a claim. We’ll shortly be passing these claims to one of our assessment teams.

  Our investigations into the activities of ADSL’s appointed representative St Paul’s Marketing Ltd are progressing well. We are currently developing the processes and guidance that will enable us to assess individual claims and this will be concluded shortly.

  We are also gathering additional information to assist with our investigations into potential claims arising from ADSL’s activities directly. We will publish a further update when we can.

• 29 Sep, 2023

  We've made significant progress regarding our investigation concerning the activities of ADSL’s appointed representative, St Pauls Marketing. We expect to formalise our process to assess individual claims involving St Pauls Marketing soon.

  Our investigation into the activities of ADSL’s appointed representative, Templeton Securities Ltd, specific to customers who invested into Emmit plc, Eligere Investment plc and Global Auto Trade Group plc, is also at an advanced stage.

  We're continuing to monitor the claims we receive to ensure we are considering all relevant aspects of ADSL’s activities. We'll provide a further update as soon as we can.

• 13 Mar, 2023

  Since ADSL entered liquidation on 1 July 2022, the joint liquidators have been working to return client money held by ADSL to its former clients. This has involved, amongst other matters, making an application to court to establish a mechanism for adjudicating upon claims to the client money, and returning the client money to former clients. 

  In accordance with Chapters 7 and 7A of the FCA’s Client Assets Sourcebook, the costs incurred by the joint liquidators in carrying out this exercise have been borne by the client money pool held by ADSL.  This has resulted in a shortfall to client money claimants with agreed claims.

  We have determined that FSCS is not able to cover the shortfall in client money:

  • In order to pay compensation, FSCS must be satisfied that the qualifying conditions under the COMP rules are met. For there to be a protected claim, the firm must owe a civil liability to a customer in connection with a regulated activity the firm was carrying out, as a result of which the customer has suffered loss.
  • FSCS does not consider that ADSL owes customers a civil liability in connection with a regulated activity.
  • FSCS considers that the loss to customers' client money arises by reason of the liquidation, and the normal operation of insolvency law, and not as a result of any civil liability owed by the firm to the customer.

  
  FSCS’s investigation into whether protected claims exist as a result of ADSL’s other activities is ongoing.

• 09 Dec, 2022

  We are reviewing the information we've received so far from third parties. This is a complex investigation into the activities of the Firm and two of its appointed representatives. Our investigation is progressing and we will publish a further update when we have more news.

• 04 Jul, 2022

  Compensation claims
  FSCS has now opened to claims against ADSL via the online claims service.

  FSCS will be investigating whether there are any claims that are eligible for compensation. As part of this investigation, we will be working closely with the joint liquidators. Until we have finished our investigations, we cannot say whether we will be able to pay claims against ADSL.

  If you have already referred a complaint to the Financial Ombudsman Service, you don’t need to take any action. As the firm is in liquidation the ombudsman service will contact you in due course to ask for permission to refer the case to FSCS.

  Please remember, that by claiming directly through us, you pay no fees, and will get 100% of any compensation that may become payable.