Drew (UK) Financial Services
Under investigation 01 September 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.
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.