The Financial Services Compensation Scheme (FSCS) has, so far, paid out £955,000 ($1.03m, €1.06m) in redress to clients of defunct firm Meyado Private Wealth Management London.
The FSCS confirmed to International Adviser it received 20 claims against the company. 12 were upheld, resulting in nearly £1m in compensation being paid, and two were rejected.
The remaining six, however, are still being processed by the lifeboat scheme, which could lead to a higher total redress figure.
The number of cases could increase as the FSCS is still accepting claims against Meyado, the UK lifeboat service told IA.
In March 2021, the Financial Conduct Authority (FCA) imposed restrictions on Meyado PWM’s licence, at the firm’s request, and ordered it not to carry out any regulated activities with new customers or pipeline business without the FCA’s authorisation.
But eight months later, on 19 November 2021, Meyado UK entered liquidation and, as a result, the FSCS started accepting claims against it.
Meyado PWM was founded in 1993 and also had offices in Singapore and Manila. The company’s website is still up and running, but its regional ones have been suspended.