Eight months after the Financial Conduct Authority imposed restrictions on Meyado Private Wealth Management’s licence, the company has closed.
Founded in 1993, with offices in Singapore and Manila, the UK arm of Meyado ceased operating on 19 November 2021.
‘No longer exists’
The watchdog imposed the restrictions in March 2021: “The firm must not, without the prior written consent of the FCA, in any way dispose of, withdraw, transfer, deal with or diminish the value of any of its own assets, and/or any funds it holds for, or to the order of, its customers (whether in the United Kingdom or elsewhere).
“For the avoidance of doubt this includes any funds or equity the FCA has asked the firm to hold in order to pay the outstanding Ombudsman Service awards, and the sale of any client book or information about the firm’s clients or customers to another party.”
In an update on Tuesday, the Financial Services Compensation Scheme confirmed that, as the company “no longer exists”, clients may be eligible to make a claim against it.
Given the time zone difference, it is challenging to fully determine what this means for the Asia-based Meyado Private Wealth Management companies.
The original company website is still up and running, but the link to the London branch is no longer functioning and directs the user to a page stating, ‘Account Suspended’.
The link to the Manila branch appears to still be operating and International Adviser has reached out to the team in the Philippines for a comment and to understand its role and future plans.
The Singapore office link on the original website directs the user to a page advising that the domain name is not in use.
But a search of the Monetary Authority of Singapore website shows that the company is still licensed and operating in the Lion City.
The chief executive is Edmond Chan and, while the company name remains unchanged, the logo and colour scheme are markedly different on the new website.
IA has reached out to the Singapore team for a comment.