Greyfriars Asset Management LLP

 

Under investigation

Since February 2019

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FSCS's position

Greyfriars Asset Management (Greyfriars) was placed into administration in October 2018. FSCS began accepting claims against Greyfriars in February 2019.

Greyfriars offered Discretionary Fund Management (DFM) services to its clients. Claims submitted to FSCS against Greyfriars typically relate to a number of investment portfolios offered by Greyfriars. The portfolios were numbered one to six. The FCA had previously expressed concerns about Greyfriars’ Portfolio Six offering in particular. In 2016 the FCA instructed Greyfriars to cease accepting any new money into the Greyfriars Asset Management Portfolio Six on a permanent basis.

FSCS is also accepting and is currently assessing claims against independent financial advisers (IFAs), which have already been declared in default by FSCS, who advised their clients to invest through Greyfriars. Many of these customers were advised by IFAs to transfer their existing pensions into SIPPs made up of high risk, non-standard investments, many of which have now become illiquid.   

Latest updates

22 May 2019

Although FSCS is accepting claims against Greyfriars, claims have not yet been passed to the claims teams for assessment. Firstly we need to establish whether there are protected claims against Greyfriars. For this to happen we need to know that Greyfriars owes a civil liability to customers that would enable them to sue the firm in court.

FSCS has been working closely with the firm's insolvency practitioner, Smith & Williamson in order to obtain client files and other documentation that will help us to reach a view on whether there are protected claims against Greyfriars.

FSCS is currently considering the practices of the firm to establish whether there is evidence of systemic failings in the way Greyfriars dealt with its clients.

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