The people in charge of Reyker Securities have said they will make one more payment of client funds.
The JSAs will give out the last of the Client Money to most people with FSCS Protection on or before July 31, 2023, so that these people won’t have to worry about having any claims brought against them in the future.
Clients who are not FSCS Protected Claimants or who have exceeded the compensation limit will not receive any more money because the money already kept from previous payments is needed to cover their share of the costs.
The JSAs expect that once the CMP is closed to all claims and the total cost of the Client Money distribution is determined, there may be a small amount of money left over. This money may be given to any Clients who have not already claimed their Client Money by the Hard Bar Date.
Submitting Claims to FSCS Protected Clients
Clients who haven’t yet made a claim or sent instructions for their funds to be distributed should do so right away. This can be done through the Portal or by contacting client services. Even those with smaller claims who don’t want repayment should submit their claim and tell us to donate their funds to charity – this will help to quickly close the client money pool.
If any FSCS Protected Claimants have not received their final payment by July 31, 2023, they should contact client services. There are still over 790 Clients who have not submitted a claim and more claims continue to be accepted each month, so it is not a safe option to apply for a Hard Bar Date just yet.
The JSAs are keen to not cause any further delay for Clients who have done all they need to do and whose costs are due to be fully paid by the FSCS. As a result, following work that was able to be completed in this period, due to the risk of unforeseen claims being reduced, the JSAs will be distributing Client Money to most FSCS Protected Claimants either on or before July 31, 2023.
Transferring and Distributing Assets to a New Broker
Most of the assets that were supposed to be transferred to a chosen broker have already been moved to the broker or the process is in progress. The JSAs are still working with the selected brokers to move the few remaining assets, as each one requires a special solution. For clients who either decided not to transfer to one of the JSAs’ brokers or did not have a broker, they are part of the distribution process.
When a Client opens an account with a new broker, they should let the JSAs know through the Portal or by filling out a paper form. JSAs have helped Clients transfer and distribute to over 70 different brokers, and most transfers have been finished.
Before the JSAs can start working on a Distribution, Clients must make sure that their chosen new broker can take their Custody Assets and has opened an account with them. Usually, the new broker will ask you to fill out a ‘transfer request form’ which will then be given to the JSAs to be processed.
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