Greyfriars Asset Management LLP
Greyfriars Asset Management LLP (FRN 229285) was an FCA-regulated discretionary fund manager that provided investment management services to clients, primarily through Self-Invested Personal Pensions. The firm managed a fund strategy known as Portfolio 6, which included a number of alternative and non-standard investments.
The FCA issued a Section 166 notice to Greyfriars in November 2016, imposing restrictions and requiring an independent review of its business. Concerns centred on the nature of the investments within Portfolio 6, several of which were linked to one another through shared directors, raising serious questions about whether valuations were independent and whether clients had been properly informed of the risks. Greyfriars entered administration in October 2018, with Adam Stephens and Henry Shinners of Smith & Williamson appointed as joint administrators.
The FSCS declared Greyfriars in default on 29 April 2020, having received 241 applications for compensation. The FSCS investigation found that Greyfriars had failed to carry out adequate due diligence before including non-standard investments in client pension portfolios, and its legal team completed its review following the administration.
Issues / Why You May Have a Claim
Many Greyfriars clients found that their pension savings had been placed into illiquid, high-risk investments that they were never properly informed about. Where the firm failed in its due diligence obligations, or where connected parties managed both the investments and the valuations without independent oversight, clients suffered real financial harm. Former Greyfriars SIPP clients who have not yet made a claim should take advice as a matter of priority.
Company background (public record)
The company was incorporated at Companies House on 14 May 2003 under company number OC304665. Its status at Companies House is recorded as dissolved.
Registered office: C/O Evelyn Partners Llp, 45 Gresham Street, London, EC2V 7BG.
Company timeline (public record)
Key dated events for this firm, drawn from public records. Each entry shows its source.
| Date | Event | Source |
|---|---|---|
| 14 May 2003 | Company incorporated | Companies House |
| 14 May 2003 | Christopher Stephen Gladman appointed llp-designated-member | Companies House |
| 14 May 2003 | Raymond William Walker appointed llp-designated-member | Companies House |
| 01 Apr 2004 | Matthew Oliver Raine approved by the FCA at the firm | FCA Register |
| 01 Apr 2004 | Scott Bradley approved by the FCA at the firm | FCA Register |
| 01 Apr 2004 | Nicola Adams approved by the FCA at the firm | FCA Register |
| 23 Oct 2018 | Company entered administration (in administration) | Companies House |
| 31 Oct 2018 | Christopher Stephen Gladman resigned as llp-designated-member | Companies House |
| 22 May 2019 | FSCS update: Although FSCS is accepting claims against Greyfriars, claims haven't yet been passed to the claims teams for assessment | FSCS |
| 12 Aug 2019 | FSCS update: Investigations into whether Greyfriars owes a civil liability to customers are ongoing | FSCS |
| 24 Oct 2019 | FSCS update: In November, claims against Greyfriars Asset Management will be passed to our claims processing team for assessment | FSCS |
| 13 Nov 2019 | FSCS update: We’ve finished our investigation into Greyfriars, and claims against it have been moved to our claims processing teams f… | FSCS |
| 03 Apr 2020 | FSCS update: We’ve finished our investigation into Greyfriars regarding the discretionary fund manager (DFM) service it provided | FSCS |
| 29 Apr 2020 | Declared in default by the FSCS | FSCS |
| 29 May 2020 | FSCS update: FSCS’s investigations into Greyfriars Asset Management LLP and specific SIPP issues are continuing | FSCS |
| 20 Aug 2020 | FSCS update: Our legal team is still looking at issues in connection with Greyfriars SIPP | FSCS |
| 22 Sep 2020 | FSCS update: Our legal team has finished its review of Greyfriars SIPP | FSCS |
| 04 Nov 2020 | Company administration ended (in administration) | Companies House |
| 04 Nov 2020 | Company wound up (creditors’ voluntary liquidation) | Companies House |
| 04 Nov 2020 | Insolvency practitioner appointed: Adam Henry Stephens | Companies House |
| 04 Nov 2020 | Insolvency practitioner appointed: Henry Anthony Shinners | Companies House |
| 25 May 2022 | Dafferns Financial Services Ltd ceased as appointed representative | FCA Register |
| 25 May 2022 | Elsby & Co Financial Planning Ltd ceased as appointed representative | FCA Register |
| 21 Dec 2022 | Integra Financial Solutions Ltd ceased as appointed representative | FCA Register |
| 31 Aug 2023 | FCA status recorded as: No longer authorised | FCA Register |
| 31 Aug 2023 | ARC TAX REFUNDS LTD ceased as appointed representative | FCA Register |
| 31 Aug 2023 | FE Financial Services Ltd ceased as appointed representative | FCA Register |
| 02 Feb 2024 | Company dissolved (creditors’ voluntary liquidation) | Companies House |
Focused on the firm’s early history and the events leading up to and following its failure. 45 routine entries from its active years are omitted.
Who was involved?
The following individuals are listed on public records in connection with the firm. These are matters of public record only and their inclusion does not imply any wrongdoing by any named person.
- Bradley Nicholas Kilbane. Listed on the FCA Register as having held CF11 Money Laundering Reporting (16/06/2015 to 27/11/2015), CF10a CASS Oversight function (16/06/2015 to 27/11/2015), CF10 Compliance Oversight (16/06/2015 to 27/11/2015) at the firm.
- Richard Charles Alexander Francis. Listed on the FCA Register as having held CF1 Director (AR) (20/04/2004 to 30/03/2012) at the firm.
- Graham George Bateman. Listed on the FCA Register as having held CF11 Money Laundering Reporting (08/02/2016 to 12/10/2017), CF10a CASS Oversight function (08/02/2016 to 12/10/2017), CF10 Compliance Oversight (08/02/2016 to 12/10/2017), CF4 Partner (16/03/2017 to 12/10/2017) at the firm.
- Trevor Michael Lake. Listed on the FCA Register as having held CF1 Director (AR) (15/04/2004 to 30/03/2012) at the firm.
- Francessca Margaret Bates. Listed on the FCA Register as having held CF30 Customer (12/07/2017 to 05/06/2018) at the firm.
- Matthew Oliver Raine. Listed on the FCA Register as having held CF30 Customer (01/11/2007 to 13/06/2014), CF21 Investment Adviser (01/04/2004 to 31/10/2007) at the firm.
- Duncan Robert Pickering. Listed on the FCA Register as having held CF30 Customer (13/02/2015 to 07/07/2017) at the firm.
- Timothy Rodgers. Listed on the FCA Register as having held CF30 Customer (02/01/2013 to 13/06/2014) at the firm.
- Stuart Timothy Burkin. Listed on the FCA Register as having held CF21 Investment Adviser (02/10/2006 to 02/10/2006) at the firm.
- John Daniel Freeman. Listed on the FCA Register as having held CF30 Customer (26/04/2012 to 17/10/2018), CF1 Director (AR) (24/02/2017 to 29/10/2018) at the firm.
Appointed Representatives and Agents
While it was authorised, the firm acted as principal for the following appointed representatives. An appointed representative carries on regulated business under the responsibility of its principal, so their conduct can be relevant to a claim.
| Appointed representative | Reference | Effective from | Ended |
|---|---|---|---|
| ARC TAX REFUNDS LTD | FRN 767741 | 20/12/2016 | 31/08/2023 |
| Chelford Financial Planning Limited | FRN 602841 | 21/06/2013 | 20/01/2017 |
| CKG Financial Services Limited | FRN 194742 | 01/04/2004 | 30/03/2012 |
| Dafferns Financial Services Ltd | FRN 446555 | 03/01/2006 | 25/05/2022 |
| Elsby & Co Financial Planning Ltd | FRN 738351 | 26/02/2016 | 25/05/2022 |
| FE Financial Services Ltd | FRN 200055 | 01/04/2004 | 31/08/2023 |
| Greyfriars Corporate Finance LTD | FRN 757422 | 01/09/2016 | 22/02/2017 |
| Integra Financial Solutions Ltd | FRN 431819 | 27/04/2005 | 21/12/2022 |
| Johnson Murkett & Hurst | FRN 452379 | 23/05/2006 | 14/09/2016 |
| Knight Arnold Wall (Financial Services) Ltd | FRN 218517 | 01/04/2004 | 30/03/2012 |
Review page sources: FCA Register (FRN 229285) · Companies House (OC304665) · FSCS. Public records, provided for transparency.
