The Financial Services Compensation Scheme (FSCS) has announced that Westbury Private Clients LLP (WPC) entered liquidation on 6 May 2022.
WPC was authorised by the Financial Conduct Authority (FCA) on 1 July 2013. It 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 said that it 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 question the “suitability of Westbury Sipp as an investment vehicle, due to the high risk nature of the investments which led to investors losing money”.
The FSCS said: “We are currently investigating whether the firm has breached FCA rules, and whether we can pay compensation to customers.”
In other news, the FSCS declared Juno Moneta Capital Management Limited a failed firm on 6 May 2022.
It was formerly Corcillum Limited and was also known as Morgan Peterson and BL Financial.
Juno Moneta Capital Management Limited was a Welsh-based firm, which went into administration on 7 August 2020, according the Financial Conduct Authority (FCA).
Birmingham-based Butcher Woods was appointed as the administrator of Juno Moneta’s parent company on 21 July 2020, according to Companies House.
In August 2020, AFH Financial acquired the client book of Juno Moneta Capital for an undisclosed sum.