Westbury Private Clients LLP
Under investigation 06 May 2022
You might be eligible for compensation
Westbury Private Clients LLP (WPC) was authorised by the FCA on 1 July 2013. WPC was a wealth management firm and operated as investment manager/discretionary fund manager (dfm) for the Westbury SIPP, which it launched in early 2014.
FSCS has received claims from customers highlighting concerns that WPC didn’t carry out enough due diligence. This is in relation to transfers/investments into the Westbury SIPP. The claims questioned the suitability of Westbury SIPP as an investment vehicle, due to the high risk nature of the investments which led to investors losing money.
WPC is now in liquidation. We are currently investigating whether the firm has breached FCA rules, and whether we can pay compensation to customers.
If you feel you have received negligent advice, or feel the SIPP was unsuitable for you, please make a claim via our online portal.
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10 Mar, 2023
Our investigation into Westbury remains ongoing. The overall business operation and structure of the firm is complex and our investigation so far has identified various entities that may hold important information.
Once we've collected and reviewed information from these sources, we will make a decision about whether valid claims exist against Westbury under FSCS rules.
We appreciate that this investigation is taking some time to conclude, and longer than we would usually expect.
We are working hard to conclude our investigation and will provide further updates in due course. We thank you for your patience as we continue to investigate the firm.
10 May, 2022
Westbury Private Clients (WPC) has recently been declared in default by FSCS.
If you invested with WPC via a direct investment or opened a Westbury SIPP, you can submit a claim to FSCS via our online portal. Click the ‘Check if you can claim’ button to start the process. If you’ve already submitted a claim to us, you don’t need to claim again.
Claims in relation to the Westbury SIPP operated by WPC are currently on hold due to an ongoing FSCS investigation into the firm. They will only be considered by our assessment teams at the conclusion of our investigation. This accounts for the majority of claims currently with FSCS. However, if you have a non-SIPP related claim, this will now be passed to claims assessors to determine whether you have an eligible claim.
The ongoing investigation concerning the Westbury SIPP operated by WPC is specifically focused on investments placed into the Westbury SIPP and whether claims in relation to this are eligible for compensation. This is a complex investigation and the information obtained to date is still being considered by FSCS’s legal team.
We appreciate the investigation process is taking some time to conclude. Thank you for your patience while we continue with our investigation into WPC and the Westbury SIPP.
13 Jul, 2021
FSCS’s investigations into Westbury Private Clients LLP are continuing. Right now, our legal team are considering the allegations made by customers, looking at whether any regulatory breaches may have occurred, and seeing if customers are protected under FSCS rules.