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FSCS seeks customers of 2 regulated firms

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The Monetary Providers Compensation Scheme (FSCS) is searching for prospects of two linked, regulated companies primarily based in London, Cavendish Integrated Ltd and Marvell Enterprises Restricted.

The companies haven’t at present been declared in default however are beneath investigation.

The FSCS is contemplating whether or not legitimate claims for compensation agains the companies exist beneath its guidelines.

It needs anybody who invested cash by way of the companies to return ahead. It stated: “Proof that former prospects present may very well be important for our investigations.”

The FCA has taken motion in opposition to the companies, alongside six different linked companies, as they’re believed to be a danger to shoppers. The opposite companies talked about have been Cottesmore Affiliate Ltd, Grosvenor Associates Ltd, Renaissance Advisory Ltd, Falcon Monetary Options Ltd, Thestral Monetary Providers Ltd and Semantic Enterprise Providers Ltd.

The regulator stated that the eight companies appeared to have connections to one another. None have ever been permitted to supply regulated funding companies however the FCA stated shoppers might have invested “substantial sums” with at the very least two of the companies, Cavendish and Marvell.

The FSCS stated it’s conscious that customers invested funds into ISAs, convertible bonds and mortgage notes issued by Cavendish. The investments have been made instantly by way of Cavendish Integrated, by way of its former appointed consultant Cottesmore Associates Ltd, and thru Marvell Enterprises. 

Nevertheless, not one of the corporations have been authorised by the FCA to supply regulated recommendation on investments.

The credit score dealer and property developer Marvell Enterprises Restricted was declared beneath investigation by the FSCS in July. Marvell (FRN: 942172) was registered with the FCA from 16 January 2021 as a credit score dealer however in breach of its permissions was concerned in providing merchandise reminiscent of an ISA and a excessive yield bond.

Marvell was first integrated in July 2019 as a agency shopping for and promoting actual property. It specialised in property growth and funding in social housing, scholar lodging and industrial property.

One other of the linked companies the FCA has taken motion in opposition to – credit score dealer Renaissance Advisory Ltd of Ilford Essex –was stripped of its Half 4A permission to conduct regulated actions in December 2021.




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