Saxon Capital Ltd
Under investigation 02 August 2019
You might be eligible for compensation
Saxon Capital Limited was dissolved on 7 March 2017.
FSCS has received a number of claims against Saxon Capital from customers who bought unlisted shares in a company called Oxford Renewable Fuel Ltd. Oxford Renewable Fuel was advertised as a market leader in renewable energy, producing commercial quantities of biofuel.
Oxford Renewable Fuel raised £7 million from around 340 investors through various introducers and a number of Independent Financial Advisers (IFAs), including Saxon Capital Ltd.
FSCS is also aware of a number of other unlisted company shares may have been sold by regulated IFAs in a similar way to Oxford Renewable Fuel Ltd:
- Otreus Oil and Gas Company;
- Crescent Energy; and
- Palmetto Energy plc.
See our investment compensation limits and their conditions on our Investments page.
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10 Dec, 2019
Unfortunately, we were not able to move claims against Saxon Capital Ltd to our claims processing teams in November. This was because we are still finalising our approach. This should be completed in the coming weeks and then claims will be passed on.
When we've completed this process we will provide a further update.
31 Oct, 2019
In November, claims against Saxon Capital Ltd relating to investments listed further up the page will be passed to our claims processing team for assessment. This is because we’ve concluded that Saxon Capital Ltd may owe a civil liability to its customers. Or, in other words, that there’s the potential the firm could be sued in court.
We’re currently finalising our approach to how we’ll deal with these claims. Each claim will need to be considered individually to see if compensation is due.
31 Jul, 2019
While FSCS is accepting claims against Saxon Capital Ltd, claims which relate to advice customers received to invest into Oxford Renewable Fuel Ltd and other unlisted shares, claims have not yet been passed to our claims teams for assessment.
Firstly, we need to establish whether there are protected claims against Saxon Capital Ltd in respect of the sale of these shares. For this to happen we need to know that the Saxon Capital Ltd owes a civil liability to customers that would enable them to be sued in court.
FSCS has been working with the Avon and Somerset Police, and other parties, in order to obtain firm records and other documentation which will help us to reach a view on whether there are protected claims.