Chandler King (City) Limited enters creditors’ voluntary liquidation

The Financial Services Compensation Scheme (FSCS)[3] protects consumers when financial services firms fail.  

It is the compensation scheme for customers of UK authorised financial services firms. It has eligibility criteria both in respect of the people and businesses who are covered.

For eligible clients, the FSCS will cover custody assets and client money shortfalls up to £85,000, including the costs associated with their distribution back to clients.  

The joint liquidators will work with the FSCS to determine the position and will provide further updates.

You can contact the FSCS using the following details:

• Phone: 0800 678 1100
• Email: [email protected]
• Website: www.fscs.org.uk[3]

Chandler King has entered creditors' voluntary liquidation and joint liquidators have been appointed.

The Financial Ombudsman Service upheld complaints about unsuitable investment advice given to consumers without adequately explaining the risks.

Having considered the financial position and received professional insolvency advice, Chandler King stopped trading. The director took steps to place Chandler King into creditors’ voluntary liquidation.

The joint liquidators will carry out an assessment of any client money and custody assets held by the firm to confirm the current position. 

Following the assessment, the joint liquidators will work to return as much client money and custody assets to customers as possible, as quickly as possible. They will decide in due course how best to return any client money and custody assets. 

The joint liquidators will write to customers with their proposals and explain any claims process that may apply.

Costs associated with distributing client money and custody assets back to clients, including the joint liquidators' fees, may be deducted from the client money or custody assets. 

Please see the section above about FSCS coverage for these costs for eligible clients. 

If you have an existing complaint against Chandler King, you should contact the joint liquidators using the details above.  

If you have already referred a complaint to the Financial Ombudsman Service (FOS), you don’t need to take any action now. As Chandler King is in liquidation, the FOS will contact you in due course about next steps.  

You should proceed with caution if you are approached by a claims management company[4] (CMC) or a law firm.

For most clients, there is no benefit in involving a third party to reclaim your assets.

If you use a CMC or a law firm to assist in the return of your assets, they are likely to seek a fee which may reduce how much you get back.

If you are considering using a CMC or law firm, we suggest you first discuss this with the joint liquidators using the contact details above.

Chandler King is still authorised by the FCA and remains subject to oversight and our rules. 

The firm has submitted an application to cancel its authorisation, which is subject to review by the FCA.

The FCA does not regulate insolvency processes or the joint liquidators. They are regulated by the Institute of Chartered Accountants in England & Wales (ICAEW) and must follow insolvency law and are answerable to the courts. 

We are liaising as appropriate with the joint liquidators.