Northern Provident Investments Ltd, formerly Money Labs Ltd, ISA Lab
Failed 24 February 2023
Northern Provident Investments Limited (NPI) proposes to enter into liquidation on 20 August 2021.
From 27 July 2015, NPI was authorised by the Financial Conduct Authority (FCA) and operated a debt-based crowdfunding platform where customers could buy illiquid debt securities and shares. NPI typically acted as an ISA manager for the investments on offer, many of which were mini-bonds.
Investments in mini-bonds commonly offer customers high returns, but are both high risk and highly illiquid. Customers may find it difficult to sell their investments if they need to access the money they invested.
NPI did not hold customers’ investments themselves. Despite the failure of NPI, customers will, therefore, continue to hold their investments, either directly or within an ISA wrapper.
FSCS is aware that certain investments have failed. We’re also aware that some customers paid money to NPI to invest on their behalf and that money has not yet been invested. Find out more on the FCA's website.
FSCS is in the early stages of investigating whether there are any claims against NPI that meet the qualifying conditions for compensation. As part of this investigation, we will work closely with the Joint Liquidators once they are appointed.
We will provide updates on the progress of our investigation on this page, so please sign up for email updates below if you would like to receive these.
Be aware of scams and fraud
Please be alert to the possibility of fraud. Scammers may try and take advantage of NPI’s liquidation with the aim of defrauding customers. If you are cold-called by someone saying they are from NPI, please end the call and contact NPI or the proposed Joint Liquidators. Further information can also be found on the FCA’s scams page.
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30 Jun, 2023
We’ve finished reviewing our sample of claims.
We’ll shortly be passing claims to one of our assessment teams who will contact customers when they are able to start reviewing their claim. Due to a high volume of claims against the firm, this may take some time. Please note we can’t confirm exactly when we’ll process any individual claim.
01 Feb, 2023
FSCS will consider claims from investors whose investments NPI facilitated as ISA manager and/or provided custodial services for.
This includes, but is not limited to, investments in Blackmore Bond plc Series 5 and Series 6, Albermarle Capital Ltd, First Northbridge Ltd, Fluid ISA Bond 1 Ltd, Quinshaw Group Ltd, Barbican Bond Co 1 Ltd and Access Commercial Investors 4 plc.
FSCS will not consider claims against NPI from investors who invested in Blackmore Bond plc Series 1, 2, 3 or 4, as the Firm was not involved with these bonds.
We’re continuing to assess an initial sample of claims received, but we can’t confirm when exactly we’ll process any individual claim. As soon as we’ve completed our investigation, we’ll start assessing all outstanding claims.
24 Jan, 2023
We’re now in the final stages of our investigation into NPI.
While we’ve started assessing some sample claims, we can’t confirm when exactly we’ll process any individual claim.
As soon as we’ve finished our investigation, we’ll start processing all outstanding claims.
10 Jan, 2023
Thank you for your patience while we’ve continued our investigation into NPI. This has involved a review of NPI’s activities and its role in relation to a number of different investments. As a result, we consider some customers will have valid claims against the Firm.
We’re now open to claims against NPI, but claims will not be passed to our assessment team immediately. We’re finalising the process that will enable FSCS to assess individual claims against the Firm. We’ll provide a further update as soon as we can.
30 Sep, 2022
Our investigations are now at an advanced stage. Once we’ve completed them, we’ll be able to confirm whether FSCS can accept claims against the Firm.
We aim to publish a further update in around 8 weeks.
14 Jun, 2022
We’re investigating whether any claims against NPI may meet the qualifying conditions for compensation by reference to the rules set out for us.
We’ve reviewed a sample of investments that NPI was involved with to determine whether they are protected investments. We’re also considering the activities NPI carried out in relation to those investments, and whether the firm owes customers a civil liability.
Once we’ve reached a conclusion on these points, we’ll be able to establish whether there are any valid claims that FSCS could compensate.
We’ll publish a further update when we have more news.
01 Apr, 2022
We’ve completed our review of the firm’s records and we're continuing to liaise with third parties as part of the investigations.
We’re also reviewing a sample of the investments NPI was involved with.
This will help us determine whether the firm carried out a regulated activity in relation to the investments. If it did, it might lead to valid claims.
07 Feb, 2022
Our investigation into NPI is ongoing. Since our last update, we've been liaising with the joint liquidators to get the relevant records from NPI to help with our investigation. We hope to complete our review of those records over the next month or so.
We will then determine whether NPI was engaged in any regulated activity regarding the investments it was involved with. If it was, we'll determine whether FSCS protects any of those investments.
If that is the case, we will also need to determine whether NPI owes a civil liability to any customers that would enable them to sue the firm in court.
24 Aug, 2021
On 20 August 2021, NPI entered creditors’ voluntary liquidation. Jason Baker and Geoff Rowley of FRP Advisory Trading Limited (FRP) were appointed as joint liquidators.
06 Aug, 2021
FSCS is not currently accepting claims against NPI.
Firstly, we need to establish whether there are valid claims against the firm. For this to happen we need to know that NPI carried out a regulated activity in relation to customers’ investments that would lead to valid claims.