Jarvis Investment Management Limited enters special administration

Special administration is a modified insolvency procedure for certain investment firms.

The court appoints insolvency practitioners as special administrators to take control and manage the affairs of the firm.  

The special administrators aim to:

• Return client money and custody assets as soon as they reasonably can.
• Ensure timely engagement with market infrastructure bodies and the authorities.
• Either rescue the firm as a going concern or wind it up in the best interest of the creditors.

If you’re concerned or have any questions, contact the special administrators for help or updates using the details given above.

The special administrators will gather information from creditors and clients of Jarvis Investment about payments made to or owed by the firm.

For more information, clients can also contact the FCA Consumer Helpline via our website[3], or phone:

• 0800 111 6768 (freephone)
• 0300 500 8082 (from the UK)
• +44 207 066 1000 (switchboard and calls from abroad)
• (18001) 0207 066 1000 (Relay UK)

The special administrators will assess the client money and custody assets held by Jarvis Investment to confirm the current position.

This means you will not be able to trade or otherwise use your custody assets or client money held with the firm.

Speak to your financial adviser/wealth manager in the first instance. They can update you about the process and how you can engage with the special administrators directly, if needed.

The special administrators will assess the money and assets held by Jarvis Investment. Then they will work to return the money and assets to clients where possible.

The special administrators will decide how best to return client money and assets.

If you’re a client of Jarvis Investment, the special administrators will write to you within 8 weeks of appointment to explain how they plan to return client money and assets and how you can make a claim.

Costs associated with distributing money and assets back to clients, including the special administrators’ fees, may be deducted from the client money or assets if there are insufficient funds to pay for their return.

The Financial Services Compensation Scheme (FSCS) may cover the costs of distribution for eligible clients.

See section below for more on the FSCS.

If you are a client of Jarvis Investment, contact the special administrators for more information.  

Otherwise, speak to your financial advisor/wealth manager.

The Financial Services Compensation Scheme (FSCS)[4] protects consumers when financial services firms fail. It is the compensation scheme for customers of UK authorised financial services firms.  It has eligibility criteria for both clients and businesses covered.

If a claim is eligible, the FSCS may cover any shortfall in client money or assets and the costs of returning them, up to £85,000.

If required, the special administrators will work with the FSCS to determine which clients or businesses will be covered and will provide further updates.

Tell the special administrators about your circumstances.

If you are not a client of Jarvis Investment, but your financial adviser/wealth manager has told you that your money and/or assets are held at Jarvis Investment, please get in touch with your financial adviser/wealth manager via your usual contact for more information.

If you have a complaint or a claim against Jarvis Investment, we recommend you contact the special administrators. They can tell you more about how complaints or claims will be dealt with.

If you’ve already referred a complaint to the Financial Ombudsman, they will contact you in due course about next steps.

You don’t need to take any action, but you can contact the Financial Ombudsman if needed:

• Phone: 0800 023 4567
• Email: [email protected]
• Website: www.financial-ombudsman.org.uk[5] 

The special administrators are responsible for Jarvis Investment, but Jarvis Investment is still FCA authorised and remains subject to our rules.

The special administrators are licensed insolvency practitioners, they are officers of the Court, and we will continue working with them during the special administration.

You should be cautious if you are approached by a claims management company (CMC)[6] or a law firm.  

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

If you use a firm such as this to assist in the return of your assets, they will likely seek a fee which may reduce what you get back.  

If you are considering using a CMC or law firm to assist with the return of your assets, we suggest you first discuss this with the special administrators using the contact details above.