Both of these firms have been placed into insolvency following an urgent application by the FCA and there have been a number of press articles covering the fact that administration costs are to be deducted from the ring-fenced client money and assets.
The FCA placed these firms into insolvency following an assessment of their financial positions which led the FCA to believe that both firms are insolvent. The FCA also considers it necessary for administrators to take over the running of the firms in order to protect assets from dissipation and protect UK consumers, including clients of both firms, due to concerns that the firms may be involved in financial crime.
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