Copia Wealth Management Limited was placed into liquidation in September 2020. The FSCS declared it failed in January 2021. Since then, hundreds of clients, many of whom invested through Copia in its capacity as an ISA manager or investment arranger, have been waiting to find out whether the FSCS would conclude they had valid claims. That wait is now coming to an end.
The Investigation Is Complete
The FSCS has confirmed it has completed its investigation into Copia’s activities and has passed all submitted claims to its assessment teams. Each client’s case will now be reviewed individually. This is a meaningful step forward for people who have been living with uncertainty about their savings for several years.
The Investments at the Heart of the Claims
The investments at the heart of most Copia claims are bonds issued by Satchi Holdings plc, Summit Resorts and Developments Ltd and Westway Holdings Ltd. These were products that Copia arranged or recommended, often into ISAs or SIPPs, and which subsequently failed to deliver what was promised. The Financial Ombudsman Service had already upheld a number of complaints against Copia on unsuitable pension and investment advice before the firm went into liquidation.
The FSCS investigation focused specifically on Copia’s conduct as an ISA manager and in its role arranging customer investments. Having concluded that work, the scheme is now in a position to determine whether individual clients have valid investment claims under its rules.
ISA Clients Should Act Now
Copia lost its status as an Innovative Finance ISA manager in November 2021, a further confirmation of the regulatory shortcomings at the centre of the business. For clients who placed money in ISAs managed by Copia, particularly those holding Satchi, Summit or Westway bonds, this remains an open and active claims process. You may wish to explore your ISA claims options.
If you invested through Copia Wealth Management and have not yet heard anything from the FSCS, now is the time to ensure your claim is formally on record. Many clients feel embarrassed about having invested in products that failed, particularly through what appeared to be a legitimate wealth management firm. There is nothing to be embarrassed about. Copia was regulated. It had obligations. It did not meet them.
Get Help With Your Claim
If you had dealings with Copia Wealth Management and are worried about your money, please book a free consultation with our team. You may feel embarrassed about what has happened, but you should not. You were let down by people who had a professional and legal duty to act in your best interest. We will carry out all the investigative work on your behalf, at no cost to you. If your claim is not successful, you will not pay a penny. Call us during office hours or email hello@claimmyloss.co.uk , we are here for you.
