21st April 2005
This is the current position
Exeter Fund Managers Ltd is in administration. Dan Schwarzmann and Mark Batten of PricewaterhouseCoopers have been appointed as administrators to manage its affairs. Claims against Exeter Fund Managers are currently being dealt with by the administrators of the firm.
The administrators of EFM have been gathering information from investors about the likely volumes, nature and value of potential claims against this firm. Exeter Fund Managers is not currently in default, although we do expect that FSCS will become involved in considering claims against this firm. We are working closely with the administrators to try to ensure that the claim process agreed is in the best interests of investors and avoids duplication.
If you believe you have a claim against this firm, you should register your claim with the administrators. If you need any help or have any queries about claims against this firm, please contact the administrators on: 020 7804 8203 or look at their website.
The role of FSCS
The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of authorised financial services firms and can help consumers if a firm is unable to pay claims against it. FSCS was set up under the Financial Services and Markets Act 2000 (FSMA) and protects deposits, insurance, investments and mortgage business.
FSCS is only able to consider claims against an authorised firm that it has declared 'in default'. An authorised firm may be declared in default if it is unable (or likely to be unable) to pay claims made against it, and there are claims which are eligible for compensation from FSCS. Firms are authorised to trade in the financial services sector by the Financial Services Authority (FSA), the UK's independent watchdog set up to regulate the financial services industry and protect consumers. More information about FSCS
We will update our website as soon as we have any further news.