Logic Investments Ltd 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 joint special administrators aim to:

• Return client money and custody assets as soon as reasonably practicable.
• 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.

Clients can find more information about how they will be affected from the joint special administrators:  

• Website: www.logicinvestments.co.uk.
• Email: [email protected].
• Write to: Logic Investments Limited (in special administration), c/o Interpath Advisory, 130 St Vincent Street, Glasgow G2 5HF.

The joint special administrators will gather as much information as possible from creditors and clients of Logic Investments about payments made to or owed by Logic Investments.

Clients can also contact our consumer helpline for more information.

Creditors should email [email protected].

The joint special administrators will assess the client money and custody assets held by Logic Investments 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 wealth manager in the first instance. They can update you about the process and how you can engage with the joint special administrators directly, if necessary.

The joint special administrators will assess the client money and custody assets held by the firm to confirm the current position. Then they will work to return client money and custody assets to clients in line with applicable law.

The joint special administrators will decide in due course how best to return client money and custody assets.

If you’re a client of Logic Investments, the administrators will write to you with proposals for the special administration within 8 weeks of appointment. This will include more information on how to make a claim.  

Costs associated with distributing client money and custody assets back to clients, including the special administrators’ fees, will be deducted from the client money or custody assets.

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 direct client of Logic Investments, contact the joint special administrators for more information.  

Otherwise, speak to your wealth manager.

Tell the joint special administrators about your circumstances.  

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

If you’ve already made a complaint against Logic Investments, you may have a claim if you are due any money in compensation. In the first instance, contact the joint special administrators.

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

What should I do if I have an ongoing case at the Financial Ombudsman Service? 

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

The Financial Services Compensation Scheme (FSCS) protects consumers when financial services firms fail. It is the compensation scheme for customers of UK authorised financial services firms.  

If a case meets the conditions for protection, the FSCS will cover custody assets and client money shortfalls up to £85,000, including costs associated with distributing these back to clients.  

The FSCS decides which cases meet these conditions. The joint special administrators will work with the FSCS to decide who is eligible.  

They will provide more updates soon.  

FSCS for Logic Investments

Logic Investments continues to be FCA authorised and regulated. It remains subject to our rules.

The joint special administrators are officers of the court and need to comply with all insolvency law. The individuals appointed are authorised to act as licensed insolvency practitioners by the Institute of Chartered Accountants in England and Wales.

We will work with the joint special administrators throughout the administration.

A claims management company (CMC) may approach you offering to help you bring a claim.

You should proceed with caution if you are approached by one of these companies.

For most clients, there will be no benefit in involving a third party to make a claim against Logic Investments.

If you use a CMC to make a claim, they are likely to seek a fee, which may reduce how much you get back.

If you’re considering using a CMC, you should first discuss it with the joint special administrators.