On the 17th
May 2017, it was announced that London-based DFM, Strand Capital
has gone into special administration
, reportedly with over £85m under management across its portfolios on behalf of 3000 clients.
Some clients who have already been in contact with Get Claims Advice were already aware that that Strand Capital was ready to be wound down by its owners at Optima Worldwide Group, a decision that involved limits on the firms FCA permissions earlier this year.
Limits on permissions
As currently displayed on the FCA Register page for Strand, the firm must “Cease all regulated business and retain all assets” – restrictions that Strand’s management agreed to comply with.
“Special Administration” was created by the government in 2011. Designed to minimise the potential damage for clients of investment firms when they get into difficulty and collapse – it is understood that this is the sort of administration now entered into by Strand Capital.
The aim of a Special Administration is to try to make it easier for clients to get their money back, however in Strand’s case, the FCA has already said that it could not guarantee that all money would be returned to clients of the DFM.
Strand’s DFM in SIPP Pensions
As one of the UK’s leading CMCs specialising in mis-sold SIPPs investments, Get Claims Advice has long been concerned with the increase of Discretionary Fund Management portfolios in the SIPPs of unsophisticated investors, who do not understand the nature of the investments within their DFM portfolio and the risk they could be exposed to. Likewise, the FCA expressed concerns about suitability and DFMs back in Feb 17.
If you find yourself with a Strand DFM as part of your SIPP pension, and are unsure about what your money was invested in or whether you’re likely to have your money returned, simply get in touch with Get Claims Advice to use our FREE initial assessment service – it’s what we do everyday!
If it turns out you have been mis-sold your Strand DFM by a financial adviser, we may be able to offer our claim-winning services to you on a No Win – No Fee* basis too!