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FSCS & adminstrator ensure Fyshe clients will get cash back by year-end
by Dylan Lobo on Oct 23, 2013 at 10:26
The administrators of failed stockbroker Fyshe Horton Finney expect 99% of all non-corporate client to be rapaid before the year is out.
Harrisons, which was appointed as administrator six months ago, had been working around the clock with the Financial Service Compensation Scheme to ensure clients got their cash back in a timely manner.
So far £10.9 million out of a possible £16.5 million has been returned to clients, according to Harrisons and the firm predicted that 99% of all non corporate clients will be fully repaid by December.'
Paul Boyle, head of national practice at Harrisons, said: 'Based on our current understanding, we estimate that 99% of non corporate clients will recover in full all of their pooled money.
'The position is less clear for corporate clients and they will need to take advice on their possible entitlements under the FSCS guidelines.'
The planned return of client monies is likely to be received well, given only £9.3 million (39%) of the £23.7 million controlled by fellow collapsed stockbroker Pritchards was returned to clients.
Wealth Manager revealed that Leeds-based Fyshe Horton Finney entered voluntary adminstration in March, triggered by a boardroom clash over the company's future.
The firm, which established in 1896 was one the UK's oldest stockbrokers with 15 offices across the country, was going through a difficult period, which saw its combined losses from 2009 accelerate to £3.4 million on the back of soaring operating costs.
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