Drew (UK) Financial Services

15 Jan, 2020

Our investigations into Drew (UK) Financial Services have now concluded. We have moved claims made against the firm to our claims processing teams for assessment. We will send out decisions on these claims shortly.

09 Oct, 2019

We are still conducting our investigations into the alleged fraudulent sale of gilts to Drew (UK) customers.

The insolvency practitioner has been helpful in our understanding of the fraud allegations. But there is still more information to consider before we will be able to say that we’ve reached a conclusion.

We now expect our investigation to be completed by December 2019. Then we’ll be able to pass claims to our assessment teams, and they’ll decide whether the claims are valid.     

12 Aug, 2019

Our investigations into the activities of the firm are ongoing. Specifically, our focus remains on the alleged fraudulent sale of Gilts by an individual representing Drew (UK).

We remain in contact with the police and other organisations, including the Insolvency Practitioner, in progressing our understanding of the alleged fraud with a view to determining whether customers have valid (protected) claims against the firm.

Although a completion of August 2019 was anticipated, initial investigations are now likely to be concluded by October 2019, at which point we aim to be in a position to conclude our findings and pass claims to our assessment teams.  

03 Jul, 2019

Although FSCS is accepting claims against Drew (UK) Financial Services, claims have not yet been passed to our claims processing teams for assessment. This is because we are still carrying out our investigations into the activities of the firm.

Firstly, we need to establish whether there are ‘protected claims’ against Drew (UK) 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 the actions of an individual associated with the firm. Allegations of fraudulent activity have been made against this individual and relate specifically the fraudulent sale of gilt contracts. Right now FSCS is working with the 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.