Drew (UK) Financial Services

Under investigation 01 Sep, 2018

You might be eligible for compensation

Drew (UK) Financial Services was based in the UK and operated as an Independent Financial Adviser (IFA). Drew (UK) Financial Services was previously authorised by the Financial Services Authority (FSA). As the firm is no longer authorised, it is no longer able to provide regulated products or services. FSCS is accepting claims against this firm.

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FSCS

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  • 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.