BlackStar Wealth Management Ltd
Failed 14 January 2020
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25 Mar, 2022
FSCS has now concluded its investigations into BlackStar’s activities regarding direct investments in Colonial Capital Group plc bonds and Dolphin loan notes.
We realise it's taken some time to complete our investigations (partly due to the wide scope of the activities of Blackstar and its appointed representative undertook). Thank you for your patience while our investigations have been ongoing.
Having carefully considered the firm’s activities, based on the evidence FSCS has seen and reviewed to date, we have not at this stage been able to establish that most customers will have a valid claim. We will now start to assess each claim on a case-by-case basis and by reference to the evidence available.
All claims submitted have now been moved to our claims processing team for assessment.
07 Feb, 2022
Thank you for your patience while we have been investigating these issues. Our investigation is complex and has taken longer than we’d hoped. Since our last update, FSCS has liaised with a number of third parties, including insolvency practitioners, the regulator and other bodies. We've been seeking more information on the firm’s activities in relation to direct investments in Colonial Capital Group plc and the Dolphin Trust.
Our findings are now at an advanced stage and our Legal team are reviewing them.
Once we’re able to confirm whether any of the claims we’ve received may be eligible for compensation under our rules, we’ll finalise our investigation and process the claims we’ve received.
05 Jul, 2021
FSCS is continuing to investigate whether the firm carried out a regulated activity in relation to customers who invested directly in Colonial Capital Group PLC bonds.
We are liaising with third parties to get more information, which will help us with our investigations.
09 Apr, 2021BlackStar Wealth Management Ltd was authorised by the FCA from 14 January 2009 to 14 July 2020. The firm gave pension transfer advice and authorised promotions for certain investments.FSCS is investigating allegations that the firm carried out the regulated activity of arranging. This in relation to investments in the failed Colonial Capital Group plc bond, and fixed-term loan notes in the Dolphin Trust. We are considering whether these allegations may lead to valid claims.