Reyker Securities plc
In special administration 08 October 2019
Reyker Securities plc (Reyker) was placed in Special Administration by its directors on 8 October 2019. Mark Ford, Adam Stephens and Henry Shinners all of Smith & Williamson LLP have been appointed as Joint Special Administrators of Reyker.
Reyker Securities plc is a fund custodian that holds and safeguards cash and assets on behalf of its clients.
Until recently Reyker has been attempting to find a buyer for its business, but it has not been possible to achieve a sale. Consequently, the directors of Reyker have decided to place the firm in Special Administration.
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08 Oct, 2019
The Special Administrators will carry out an assessment of the client money and assets held by the firm. After this, the Special Administrators will work to return as much client money and assets to customers as possible, as quickly as possible.
If there's not enough client money or assets, FSCS will cover asset and client money shortfalls. This will include any distribution costs back to clients, for eligible customers up to our compensation limit of £85,000.
At this stage there is no need for customers to make a claim with FSCS.
Throughout this process FSCS will be working closely with the Special Administrators and will provide updates at regular intervals. Customers should subscribe above to receive the latest updates.
Although Reyker is in Special Administration, FSCS will still accept claims for compensation against Merchant Capital Ltd in relation to fees charged by Reyker, following the failure of Merchant Capital in 2013.