Dolfin Financial (UK) Ltd

Latest updates

• 10 Feb, 2026

  Purpose of this update
  FSCS understands that the JSAs intend to ask the Court to approve the Distribution Plan in the near future. This will enable customers’ Custody Assets to be returned.

  This update explains why FSCS will not be open to customer claims against Dolfin until the Court has approved the Distribution Plan. Following this, it also sets out FSCS’s position on whether it is likely to compensate customers for:

  • Custody Asset Transfer Costs; and
  • Client Money Transfer Costs.

  
  Background
  Dolfin was an independent wealth management firm offering investment management, advisory, execution-only, and custody services. Dolfin also provided execution-only and custody services to overseas investors under the UK’s Tier 1 investment visa programme (Tier 1 Visa Scheme).
  
  Regarding the Tier 1 Visa Scheme, investments were made in bonds from several UK plc, including Artek Group plc (now called Finerbase Limited), Altafinch UK plc, Data Grid Solutions plc, and Camsem Investment plc.

  On March 12, 2021, the Financial Conduct Authority issued a First Supervisory Notice. This prevented Dolfin from conducting regulated activities. As noted, Dolfin entered special administration on June 30, 2021 with the JSAs appointed on that date. See the JSAs' page for updates on the administration.

  In July 2021, many of Dolfin’s customers were transferred to Britannia Financial Group Ltd (Britannia). This left a pool of customers, mainly those involved with the Tier 1 Visa Scheme, who did not transfer.

  Costs of returning Custody Assets and Client Money to customers
  The JSAs plan to submit a Distribution Plan to the Court for approval to return customers’ Custody Assets. Once approved, the JSAs will be able to meet the costs of returning customer Custody Assets (Custody Asset Transfer Costs). This will be done either by direct payment from the client or by sale and deduction from the Custody Assets themselves.

  The JSAs are also in the process of declaring, and paying, a distribution of Client Money balances at 30 June 2021 and Corporate Action Income received after 30 June 2021.  The costs associated with distributing Client Money from the Client Money Pool (Client Money Transfer Costs) will be deducted from customers’ Client Money claims. The return of Client Money is not subject to the Distribution Plan.

  Customers will be aware that the JSAs are in the process of contacting customers to make arrangements for the interim distribution of Client Money.

  FSCS may be able to compensate Dolfin's customers for the shortfalls that customers incur because of Custody Asset Transfer Costs and Client Money Transfer Costs, up to our compensation limit (see point 1 below).

  FSCS will not compensate Dolfin’s customers for the shortfall that customers incur in relation to corporate action income returned to them.

  Status of FSCS’s investigation into Dolfin
  We have set out the different categories of cost that that customers are likely to face under the Distribution Plan. Also, we’ve noted whether that category of cost is likely to be protected by FSCS.

  It’s important to note the following:

  1. Whether FSCS can pay compensation for a customer’s claim under our rules will be considered by FSCS on a claim-by-claim basis, and at the point the individual claim is submitted to FSCS. Please note that any compensation FSCS pays in respect of Dolfin is subject to FSCS’s compensation limit of up to £85,000 per eligible person. This £85,000 limit applies to the total value of all compensable losses relating to Dolfin. It is not applied separately to each category of cost. In other words, customers do not receive £85,000 for Custody Asset Transfer Costs and a further £85,000 for Client Money Transfer Costs; the maximum FSCS can pay in total is £85,000.
     
     
  2. Not all Dolfin customers will be "eligible claimants" who are entitled to FSCS compensation. For example, certain corporate customers will not be eligible. FSCS will confirm eligibility when individual claims are submitted.
     
     
  3. We are unable to confirm at this stage when FSCS will open to claims. However, it is likely to be after the Court approves the Distribution Plan, and after the Client Money and Custody Asset return process has progressed substantially.
     
     
  4. Once FSCS opens for claims, it will not pay compensation to any customer if they have not yet first crystalised their losses. FSCS considers that customer losses will only be finalised:
     - once the Distribution Plan has been approved by the court,
     - customers have paid the costs for the return of Custody Assets, and
     - the final amount of Client Money to be distributed, as well as the final costs to be deducted, are known.
     
     
  5. FSCS will update the coverage position once we start accepting customer claims against Dolfin, and if key aspects of our coverage position changes at any point.
     
     
  6. FSCS reserves the right to review the coverage position set out above once the court has approved the Distribution Plan.

  
  See more information on FSCS’s detailed coverage position.
  
  

• 11 Mar, 2022

  Based on our investigations to date, FSCS does not consider that the requirements for paying compensation under our rules are met.  This means that:

  1. if the Special Administrators of Dolfin are able to offer a transfer to a new broker for customers who still have client assets and money with the firm, FSCS would not be able to fund that transfer; and
  2. FSCS is not accepting claims from customers of Dolfin.

   

  The Special Administrators will advise customers of the next steps in due course.