Fyshe Horton Finney Stockbrokers enters Special Administration Regime

The Financial Services Authority (FSA) has confirmed that Fyshe Horton Finney Stockbrokers has entered the Special Administration Regime (SAR) on 20 March 2013. Paul Boyle and David Clements at Harrisons Business Recovery & Insolvency (London) Limited have been appointed joint special administrators.

FHF is a small investment firm offering discretionary, advisory and execution only business. There are 15 regional offices.

The firm placed itself into special administration, primarily on the ground that it is, or is likely to become, unable to pay its debts.

If clients have any concerns they should contact the special administrators in the first instance.  

Notes for editors

1. The Special Administration Regime came into effect in February 2011 and sets three objectives for a special administrator:
   • to ensure the return of client assets as soon as practicable;
   • to ensure timely engagement with market infrastructure bodies and the authorities; and
   • either to rescue the firm as a going concern or wind it up in the best interests of the creditors.
2. In an ordinary corporate administration proceeding only the third objective would apply.
3. This is the fourth time the SAR has been initiated by the FSA.
4. The FSA can direct the special administrator to prioritise one or more of these objectives if it deems that to be necessary on UK financial stability grounds but before it does so it must consult HM Treasury and the Bank of England.
5. The special administrator can direct any suppliers to continue to provide key services to the entity in the SAR, to facilitate an orderly resolution.
6. Harrisons Business Recovery & Insolvency Ltd can be contacted on [email protected]  
7. Guidance on FSCS eligibility can be found on the FSCS website[1].
8. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.
9. The FSA will be replaced by the Financial Conduct Authority and Prudential Regulation Authority in 2013 as required by the Financial Services Act 2012[2].