Reyker Securities plc entered special administration on 8 October 2019. At that point, the firm held assets belonging to more than 11,500 clients. Since then, the FSCS and the administrators have worked through a lengthy and sometimes frustrating process of recovering and transferring what could be salvaged. Most clients eventually had their transferable assets moved to new brokers. For a smaller group, the wait has been considerably longer.
QROPS Clients: Claims Now Advancing
Two specific client groups have been waiting for years for their cases to be resolved. The first is clients with investments held within Optimus Retirement Benefits Scheme QROPS policies at Reyker. These are qualifying recognised overseas pension scheme arrangements that were used by some UK pension holders as part of an overseas transfer strategy. For many in this cohort, that strategy proved deeply harmful. The FSCS has now passed these clients’ QROPS claims to its assessment teams.
Corporate Bond Claims Also Progressing
The second group is clients who invested in corporate bonds through Reyker’s execution-only investment service. As with the QROPS cohort, the complexity of establishing Reyker’s precise role and liability in these arrangements meant the process took considerably longer than most clients would have hoped. Those investment claims are also now advancing to assessment teams.
The Bigger Picture
The overall Reyker picture is one of a firm that was custodian to a very large number of client assets, holding them on trust, and failing in that trust. The majority of transferable assets were recovered, and the FSCS achieved a recovery rate above 95 per cent for transferable custody assets. For those left with losses in specific product types, the path to resolution is now moving forward.
If you are a former Reyker client who has been waiting for an update on a QROPS or corporate bond claim, this is a meaningful development. If you have not yet submitted a formal claim, now is the time to do so.
Get Help With Your Claim
If you had dealings with Reyker Securities 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.
