Facet Investment Management Limited enters administration

Voscap will carry out an assessment of the investments held with the firm and determine how best to return clients’ investment holdings.

They will contact customers within 8 weeks of appointment, including details of how to complain, if necessary.

The Financial Services Compensation Scheme (FSCS)[3] protects consumers when financial services firms fail. Whether you are covered by the FSCS will depend on the firm and the type of product you have.

The FSCS will work with Voscap to determine whether customers are covered and will provide further updates soon.

Find out more about what the FSCS covers and compensation limits[4].

The FSCS is operationally independent of the FCA. The FSCS determines whether compensation is payable under the FSCS' compensation rules.

Visit the FSCS website[5] for further updates.

If you’ve made a complaint against Facet, you may have a claim as a creditor. However, as Facet has gone into administration, they may not have sufficient funds to pay in full any compensation to customers where it is due. 

This includes:

• customers waiting for a response to their complaint
• customers who have received a final response letter from Facet with an offer of compensation but haven’t returned it
• customers who have taken their complaint to the Financial Ombudsman[6] (the Ombudsman)

Voscap will work with the FSCS and will write to customers to explain the next steps.

If you’ve already referred a complaint to the Ombudsman, you don’t need to take any action and they will contact you directly about any next steps.

Customers do not have to pay to make a claim.

Voscap will shortly be writing to customers to explain the next streps. Please also see our section below on protecting yourself from scams.

A claims management company (CMC)[7] may approach you offering to help you bring a claim. You should proceed with caution if you are approached by a CMC.

For the vast majority of clients, there is no benefit in involving a third party in reclaiming your assets.

If you use a CMC to assist in the return of your assets, the CMC is likely to seek a fee which may reduce what you get back.

All customers should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from Facet or Voscap Ltd please end the call and call them back using the number above.