MCI Global Investment Advisors Limited enters liquidation

The firm informed the FCA in August 2024 that it was no longer a going concern. The director took insolvency advice and determined the best course of action was to put the firm into liquidation.

If you do not hear from the liquidator or have more questions about your investment, please contact the liquidator using the contact details provided above.

If you have made a complaint against the firm, you may have a claim if you are due any money in compensation.

As the firm has gone into liquidation, it is unlikely they will have enough money to pay compensation to consumers where it is due.

You may be unable to refer your complaint to the Financial Ombudsman Service[3].

You should first contact the liquidator on the number above for more details about how complaints or claims will be dealt with.

The liquidator will shortly be writing to investors to explain what to do if you have investments in the Fund.

Investors do not have to pay to make a claim.

Please see our section below on protecting yourself from scams.

The Financial Services Compensation Scheme (FSCS)[4] protects eligible consumers when authorised financial services firms carrying out certain FCA and/or PRA-regulated activities are unable, or likely to be unable to meet claims made against them.

Consumers have to meet FSCS eligibility criteria[5] to receive compensation in respect of a claim against a failed firm.

FSCS will work closely with the liquidator to determine whether claims against the firm meet the qualifying conditions for compensation. The liquidator will provide further updates in due course. 

FSCS is open to claims. Consumers are now able to bring a claim using the FSCS’s online claims service. Consumers can find out more about FSCS’s online claims service here[6]. 

If the FSCS determines after assessing the claim that compensation is payable, they would cover financial losses up to FSCS limits for investment claims of £85,000.

You should be wary if you are approached by a claims management company (CMC).

For the vast majority of investors, there is no benefit in involving a third party in reclaiming your money, as this would not increase the amount of money that you may be owed if your claim is successful.

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. You also do not need to use a CMC or a solicitor to bring a claim to the FSCS.

If you are considering using a CMC to assist with the return of your assets, we suggest you first discuss this with the liquidator using the contact details provided above. 

Fraudsters sometimes claim to be from legitimate firms authorised by us, or (in the case of liquidation) their appointed liquidator.

Be wary of fraudsters pretending to be the firm, the liquidator, or any other party such as the FCA and asking you to pay money to get your money back. 

If you get an unexpected call from someone claiming to be from the firm, the liquidator or any other party such as the FCA, you should: 

• end the call straight away
• call the liquidator or FSCS directly using the contact numbers above

Find out how to protect yourself from scams[7], including recovery room scams[8].

The firm is still authorised by the FCA and remains subject to supervisory oversight and the FCA’s rules. The liquidator is an officer of the Court and needs to comply with all insolvency law. The individual appointed is authorised to act as licensed insolvency practitioner by the Insolvency Practitioners Association (IPA). We are liaising closely with the liquidator.

The firm signed two voluntary requirements which contained an asset restriction (which restricts the firm from disposing of assets without FCA permission) and restricted the firm from accepting any new investors or additional investments from existing investors.

Additionally, the firm agreed to ensure no new activity was conducted on any trading accounts held by the Novus Black Fund, arrange for all Novus Black Fund open investment positions on these accounts to be closed and notify investors of these restrictions.

Further details of the restrictions can be found on the FS Register[9].