Strand Capital Ltd

In special administration 17 May 2017

FRN: 494001

You might be eligible for compensation

FSCS recently made further payments to customers who had client money with Strand. Payments have been made to the customers of a further three SIPP providers and were made direct to those providers, the latest being Liberty SIPP on 1 August 2018. The payments relate to client money only and not to assets. FSCS wrote to those customers on 25 June 2018 to let them know that their payment had been made. For many customers this payment represents just the first stage in returning property to them.

  • 19 Aug, 2019

    FSCS is continuing its investigation into the practices of Strand to determine whether further claims exist in relation to the firm’s practices. We have been working with the administrators of the firm, Smith and Williamson, to get further documentation to help with our investigations.

    FSCS understands that a number of Financial Conduct Authority (FCA)-authorised advisers may have recommended transfers of existing pensions or investments to Strand.  

    If you believe you were mis-advised by an FCA-authorised adviser that’s still trading to transfer your existing pension or to invest through Strand, you need to complain to them first. If your adviser rejects your complaint, you can take your complaint to the Financial Ombudsman Service (FOS). 

    If you believe you were mis-advised by an FCA-authorised adviser that’s no longer trading to transfer your existing pension into or invest through Strand, you should submit a claim to FSCS against your financial adviser and this claim will be assessed while we continue our investigation into Strand.

  • 08 Jul, 2019

    The joint special administrators are continuing to return assets to Strand customers by transfers to new brokers chosen by Strand customers. In almost all instances, FSCS will meet the costs of the special administration on behalf of customers. These asset transfer costs will be settled directly with the special administrator, allowing the return of customers’ assets whole in due course.

  • 10 Apr, 2019

    Following High Court approval on 2 April, a formal distribution plan of clients' custody assets has been agreed. This paves the way for customer assets to move to new brokers (subject to clients providing instructions to the Special Administrators). FSCS will meet the cost of the Special Administration on behalf of customers. You can read more on the Smith and Williamson website, here

  • A number of Strand Capital Ltd customers have already been paid compensation

    FSCS has already paid a number of customers of Strand for claims connected with the return of client money to customers. FSCS is working with the Joint Special Administrators to return the remaining client money. FSCS also anticipates that it will have a role, working with the Joint Special Administrators, in the return of assets to clients.

    Clients who feel they have any other claim against Strand in connection with their dealings with Strand can make a claim through the FSCS online claims service.

     

    FSCS has started paying eligible client money up to the £50,000 limit

    FSCS has started paying eligible client money balances, up to the £50,000 limit.  For customers who held their account under a Self-Invested Personal Pension (SIPP) the payment will be made direct to the Self-Invested Personal Pension provider


    Commonly asked questions