Last updated 28 October 2026 by Jonathan Paton
MCI Global Investment Advisors Ltd
Why can you claim for compensation against MCI Global Investment Advisors Ltd?
People are claiming because of losses in the Novus Black Fund UK Ltd. According to the FCA, MCI Global Investment Advisors Ltd was the authorised alternative investment fund manager for the fund. The fund itself was unauthorised. In October 2024 the FCA wrote to investors to say it believed the fund had suffered significant losses that had not been reported to them. Financial Planning Today described Novus Black as an FX fund aimed at high net worth and professional investors.
The FCA says MCI agreed to restrictions on 8 August and 6 September 2024. These meant no trades or payments on the fund’s trading accounts, closing open positions and telling investors what had happened. Financial Planning Today reported that MCI also had to stop taking on new business. The FCA says MCI told it in August 2024 that it was no longer a going concern, and the firm went into creditors’ voluntary liquidation on 23 October 2024. Financial Planning Today reported that the fund went into administration on 27 November, and the context points to 2024. At the time, the FCA said its investigations were ongoing. We are not aware of any published finding of wrongdoing against the firm or the people who ran it.
The FSCS declared MCI in default on 6 March 2026. This firm is no longer trading, so you may be able to make a claim against it. The FCA has warned that complaints may not be referable to the Financial Ombudsman Service, which leaves the FSCS as the main route for most investors.
Latest update: what it means for you (6 March 2026)
On 6 March 2026 the FSCS formally declared MCI Global Investment Advisors Ltd in default. The FSCS had finished its investigation on 5 January 2026 and passed the claims it had already received to its assessment teams. Each claim is now looked at on its own merits. Where the FSCS decides a claim is valid, it can pay compensation.
This is a step forward. The FCA said Novus Black Fund investors may have suffered significant losses that were never reported to them, and the default declaration is what allows the FSCS to start paying those investors. It is still early, though. Financial Planning Today reported that the FSCS had received 58 claims when it declared the default and had upheld one so far. So the declaration does not decide your individual claim. The FSCS limit for investment claims is £85,000 per eligible person.
MCI Global Investment Advisors Ltd, whilst in creditors’ voluntary liquidation, is still displayed as Authorised on the FCA Register, with an application to cancel recorded. We will continue to monitor the situation and update this page as circumstances change.
What stands out to me is that it took around 17 months to get from the liquidation to this point. That fits with the FSCS warning at the outset that this would be a complex investigation. If you have already claimed, it is worth keeping your fund statements to hand and answering any FSCS questions promptly. If you have not claimed yet, it is worth gathering what you were told about the fund and how your money was managed. Depending on how you came to invest, more than one party may have played a part in your loss.
Talk to us about your claim. We offer a free initial assessment over the phone and work on a no win no fee basis. Read more about investment claims and financial adviser claims, or make an enquiry today.
Company background (public record)
The company was incorporated at Companies House on 24 February 2011 under company number 07540933. Its status at Companies House is recorded as liquidation.
Registered office: 1 Hardman Street, Manchester, M3 3HF.
Nature of business (SIC): 66300.
Company timeline (public record)
Key dated events for this firm, drawn from public records. Each entry shows its source.
| Date | Event | Source |
|---|---|---|
| 24 Feb 2011 | Company incorporated | Companies House |
| 24 Feb 2011 | Gary Neil Wayne appointed director | Companies House |
| 04 Jan 2022 | Gary Neil Wayne approved by the FCA at the firm | FCA Register |
| 04 Jan 2022 | Jason King approved by the FCA at the firm | FCA Register |
| 04 Jan 2022 | FCA status recorded as: Authorised – applied to cancel | FCA Register |
| 16 May 2022 | William Alberto Naranjo approved by the FCA at the firm | FCA Register |
| 30 May 2022 | James William Burdett approved by the FCA at the firm | FCA Register |
| 01 Nov 2023 | Reuben James Mattinson approved by the FCA at the firm | FCA Register |
| 01 Mar 2024 | Timothy George Pearce approved by the FCA at the firm | FCA Register |
| 01 Mar 2024 | Amey Deshpande approved by the FCA at the firm | FCA Register |
| 23 Oct 2024 | Company wound up (creditors’ voluntary liquidation) | Companies House |
| 23 Oct 2024 | Insolvency practitioner appointed: Gareth Howarth | Companies House |
| 25 Oct 2024 | FSCS update: If you believe you have a potential compensation claim against MCI, you can now start that claim using our online claims… | FSCS |
| 05 Jan 2026 | FSCS update: We’ve completed our investigation into MCI Global Investment Advisors Ltd (MCI) | FSCS |
| 06 Mar 2026 | Declared in default by the FSCS | FSCS |
| 06 Mar 2026 | FSCS update: Following our last update, we can confirm that on 6 March 2026, FSCS declared MCI Global Investment Advisors Limited in … | FSCS |
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.
- Gary Neil Wayne. Listed on the FCA Register as having held SMF17 Money Laundering Reporting Officer (MLRO) (from 04/01/2022), SMF16 Compliance Oversight (from 04/01/2022), SMF3 Executive Director (from 04/01/2022) at the firm.
- Reuben James Mattinson. Listed on the FCA Register as having held [FCA CF] Client dealing (from 01/11/2023) at the firm.
- Timothy George Pearce. Listed on the FCA Register as having held [FCA CF] Client dealing (from 01/03/2024) at the firm.
- Amey Deshpande. Listed on the FCA Register as having held [FCA CF] Client dealing (from 01/03/2024) at the firm.
- Jason King. Listed on the FCA Register as having held SMF3 Executive Director (04/01/2022 to 24/10/2023) at the firm.
- William Alberto Naranjo. Listed on the FCA Register as having held [FCA CF] Client dealing (16/05/2022 to 31/10/2022) at the firm.
- James William Burdett. Listed on the FCA Register as having held [FCA CF] Client dealing (24/07/2023 to 20/09/2023) at the firm.
How can we help?
Finding out that a fund you trusted may have hidden its losses is unsettling. Many people feel angry, embarrassed or simply unsure where to start. In my experience, the hardest part is often going back over the paperwork. That is the part we take off your hands. As regulated solicitors we investigate what happened, build the evidence and handle the claim from start to finish. We only contact you with updates or when we need something from you.
You can claim directly with the FSCS yourself, and many people do. If you lack the time, confidence or inclination, we can manage the whole investment claim for you on a no win no fee basis. We will also look at whether anyone else was involved in your decision to invest, such as an adviser who recommended the fund. No outcome is ever guaranteed, but you will have the peace of mind that everything possible was done to get you the compensation and justice you deserve.
How does it work?
- We start with a free initial assessment over the phone and aim to give you an early idea of what your claim may be worth.
- If you choose to go ahead, you sign our no win no fee agreement.
- We carry out all the investigation work, including writing to your providers and the liquidator where needed.
- Once we have the evidence, we value your claim. Getting to that point usually takes around 2 to 3 months.
- We submit your claim to the FSCS and deal with it until it reaches an outcome. If your claim is not successful, you do not pay a penny.
Seek claim advice today
If you invested in the Novus Black Fund, or in another fund managed by MCI Global Investment Advisors Ltd, it is worth getting your position checked now that the FSCS has declared the firm in default. Time limits can apply to financial claims, so it is better to know where you stand. Talk to us about your claim and have a free, no obligation consultation with one of our experts.
Sources: FSCS, MCI Global Investment Advisors Ltd – latest customer info, 2026-03-06; Financial Planning Today, Manchester fund management firm fails as claims mount, 2026-03-06; Professional Adviser, Advice firm and alternative investment fund manager declared in default; Financial Planning Today, Alternative investment fund Novus Black in administration; Financial Planning Today, FSCS declares 3 firms as failed or under investigation; Financial Planning Today, Fund manager enters liquidation after FCA intervention; FCA, MCI Global Investment Advisors Limited enters liquidation, 2024-10-25; FCA, FCA writes to Novus Black Fund investors, 2024-10-23.
