On 27 January 2015 LQD Markets UK formally entered into Special Administration Regime insolvency proceedings.
The SAR, introduced by the government in 2011, helps sort out situations where investment firms, which hold clients’ money and/or assets under the FCA’s CASS rules, fail. The SAR process has a number of objectives, but one of these is to ensure clients’ money and assets are returned to customers as soon as is reasonably practicable.
On 27 January 2015 LQD Markets UK formally entered into the SAR.
Having reached an assessment that the firm was no longer solvent, the firm made an application to Court to formally initiate insolvency proceedings under the SAR.
Baker Tilley has been appointed as the special administrator. Matthew Haw, Graham Bushby and Matthew Wild are the joint Special Administrators.
The special administrators will assess the client money position of LQD Markets UK as part of their work. Once the special administrators have carried out this assessment, whether there is any client money missing will become clearer.
The initial view in the early stages is that there is a deficit in the client money.
LQD Markets UK has more than 400 customers. The special administrators will get in touch with affected customers in due course.
Baker Tilley’s dedicated microsite will be the relevant source of information on the progress that is being made by them on this.
The special administrators will return as much client money to clients as possible, as quickly as possible.
After the special administrators have completed their assessment of the client money position of LQD Markets UK, it will become clearer whether there are any customer losses relating to client money. If this is the case, depending on your individual circumstances, you may have access to the Financial Services Compensation Scheme (FSCS).
You should contact the special administrators to understand more about how this situation might affect you personally. Please visit Baker Tilley’s dedicated microsite for further information.
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