BBT Financial Services
Under investigation 01 October 2018
You might be eligible for compensation
BBT Financial Services was firm based in the United Kingdom and operated as an Independent Financial Adviser (IFA). BBT Financial Services is no longer authorised by the Financial Conduct Authority (FCA), and is no longer able to provide regulated products or services. FSCS is accepting claims against this firm.
12 Aug, 2019
FSCS is still looking into the practices of BBT Financial Services. We are reviewing all the information that has been provided to identify exactly what has happened to each customer.
We were hoping to complete our initial investigations by the end of August 2019. This will change to the end of October 2019, however, as our investigations have taken longer than we initially anticipated.
28 Jun, 2019
Although FSCS is accepting claims against BBT Financial Services, claims haven't yet been passed to our claims processing teams for assessment. This is because we're still carrying out our investigations into the activities of the firm.
Firstly, we need to establish whether there are ‘protected claims’ against BBT Financial Services. For this to happen we need to know that the firm owes a civil liability to customers that would enable them to sue the firm in court. Importantly, this civil liability must be in connection with a regulated activity carried out by the firm.
Currently our investigations are focussing on allegations of fraud that have been made against the firm. The alleged fraudulent activity relates to theft and misappropriation of investor funds.
Right now FSCS is working with the North Yorkshire Police and other organisations in order understand the extent of the alleged fraud. These investigations will help us reach a view on what regulatory breaches may have occurred.
We hope to have concluded our initial investigations by the end of August 2019, at which time claims will be passed to our claims processing teams for assessment.