FSCS to Provide 11,500 Reyker Securities Clients with Accession to Their Assets

​The Financial Services Compensation Scheme (FSCS), UK's statutory compensation scheme, has revealed that around 11,500 former clients of wealth management firm Reyker Securities have taken a major step forward toward being able to access their assets.

On 8 October 2019, Reyker Securities, a fund custodian, was put into special administration by the High Court following an application by its directors.

At present, the FSCS is working with the special administrators to ensure that Reyker clients’ assets are returned as quickly as possible, the statement said.

The JSAs will first be confirming the identity of the five nominated brokers. This will be followed by a Client Asset Return Statement to customers, which will detail all the assets to be returned to them by a series of transfers to new brokers.

According to the FSCS’s statement, it will meet the costs of the Special Administration on behalf of all individual customers of up to £85,000 per customer. FSCS protection is also available to most small companies.

Jimmy Barber, Chief Operating Officer at FSCS, said, “We want to thank Reyker clients for their patience. There have been several instances of third parties issuing fraudulent communications targeting Reyker’s clients affected by the Special Administration. We would ask Reyker clients to remain vigilant and exercise caution when dealing with correspondence regarding the Special Administration.”