Reyker Securities Plc special administration

Mark Ford, Adam Stephens and Henry Shinners of Smith & Williamson LLP (“S&W”) were appointed Joint Special Administrators (“the JSAs”) of Reyker Securities Plc (in Special Administration) (“Reyker”) on 8 October 2019.

From 14 June 2022, the Smith & Williamson Group and Tilney Group are operating under a single new brand to offer the best of everything we do and the firm’s name has changed to Evelyn Partners LLP.  Please note that this is a change to our brand only and that the services provided are unaffected.

This website provides Clients and Creditors with important information and will be updated when additional information becomes available regarding the Special Administration of Reyker.

JSAs' progress report

The JSAs’ latest progress report, for the six month period from 8 April 2022 to 7 October 2022, is available here.

Update for Clients with Client Money – 3 November 2022

Second interim distribution 

The JSAs declared a second interim distribution of Client Money in November 2021 which meant that over 99% of Clients (who are FSCS Protected Claimants) could receive up to 98.25% of their Client Money.

During 2022, the JSAs have continued to process first and second distributions as and when Clients and/or their respective brokers (where applicable) complete the required outstanding actions.

In summary:

  • The JSAs have now processed a first and second distribution for circa 97% of Client plans (previously 95%) where a valid claim and CMIF has been received.
  • This equates to distributions totalling approximately £54.1 million (being 96% by value of the maximum amount of Client Money that can be distributed at this time and 94% of the total CMP value).
  • The JSAs continue to retain a provision of 1.75% of the CMP for new or increased claims that could be received until the Client Money Pool is closed to claims.

For the small minority of Clients who are not FSCS Protected Claimants (or yet to confirmed as such), being less than 1% of all Clients, an additional 11% of Client Money was retained as a provision against their potential share of costs for the Client Money Distribution. These Clients are therefore able to receive up to 87.25 pence in the pound across both the first and second distributions.

If you believe you have not yet received a first and/or second distribution of Client Money, please contact as further action may be required.  

Closing the Client Money Pool (CMP)

As previously reported, the JSAs need to formally close the CMP to further, new or increased, Client claims prior to settling final costs and returning the residual balance of Client Money; this is necessary to protect all participating Clients, the Company and the JSAs.

Following legal advice and discussions with the Creditors’ Committee, the JSAs consider the most appropriate way to do this is by way of an application to Court to set a Hard Bar Date, being a final date by which any claims to Client Money must be made by any party. After the Hard Bar Date, the CMP would be closed to new or increased claims and the JSAs would be able to distribute 100% of Client Money claimed by Clients (after deduction of the share of costs for Clients who are not FSCS Protected Claimants) without risk of disruption. 

The JSAs have previously outlined the very high threshold required to be met for a Hard Bar Date order to be made, being that the court is satisfied that there is no reasonable prospect of the JSAs receiving a claim for the return of Client Money after that date.

Despite the extensive client tracing program undertaken by the JSAs during 2021 (which both met and exceeded the requirements set out in CASS) and more recent supplementary efforts, there remains more than 800 Clients still to submit a claim to their share of Client Money and new claims continue to be received each month.

Given the above, the JSAs and their legal advisors consider it is still too early to apply to Court for a Hard Bar Date to be set as they are not satisfied that, at this time, it would be possible to evidence to the Court that there is no reasonable prospect of any further claims to Client Money being received.  An application at this time would therefore risk application costs being wasted and, potentially, result in additional hurdles being set by the Court before another application for a Hard Bar Date could be made.

The JSAs will continue to monitor the rate of new Client claims received and keep the timing of any application for a Hard Bar Date under review.

Clients that are yet to submit a claim to Client Assets and/or submit a CMIF (confirming their distribution instructions) are encouraged to do so immediately in order to expedite the distribution of Client Money for both themselves and other Clients. This can be done via the Portal or by contacting client services on 0800 048 9512 or by email at

Third and final distribution of Client Money

Based on legal advice, the JSAs’ preferred strategy is, at the right time, to set a Hard Bar Date in accordance with the SAR and to declare a third and final distribution of Client Money shortly thereafter. This provides certainty of all claims against the CMP and ensures there is no risk of disruption in the event a material, unforeseen claim arises after any final distribution to Clients. 

The JSAs are, however, mindful that, given the number of Clients yet to submit a claim to Client Money (now totalling approximately £960k) and the fact that new claims continue to be received each month, it could be another 12 to 18 months or, conceivably, much longer before they can evidence to the Court there is no reasonable prospect of a further claim to Client Money being received and this remains outside the JSAs’ control.

Accordingly, the JSAs have been working with their legal advisors and the FSCS to establish a strategy where a third and final distribution can, potentially, be safely paid to all Clients that have submitted a valid claim (i.e. a claim and CMIF) prior to a Hard Bar Date being set. Potentially several months or even years before a Hard Bar Date.

If successful, this would enable an earlier return of 100% of Client Money for the majority of Clients that have engaged with the distribution process but still provide an opportunity for new claims to be received, agreed and paid, ensuring neither set of Clients are unfairly prejudiced.

Further detail with regard to the work that is ongoing in this regard is provided in section 4 of our latest progress report which can be read here.

Further updates will be made available on this website as and when the JSAs are in a position to do so.  At present Client Services representatives have no additional information with regard to the prospect and timing of a third and final Client Money distribution beyond what is included in our latest report.

Update for Clients with Custody Assets and Corporate Action Income (CAI) – 3 November 2022

Transfers to the JSAs’ Nominated Brokers

More than 99% of transferrable Custody Assets due to Transfer to the Nominated Brokers has either been completed and now held with the respective Nominated Broker or, alternatively, instructions have been issued and the Transfer process is underway.  

All CAI received up to 15 October 2022 and due to Transfer to a Nominated Broker has also been transferred. Any CAI received in respect of Custody Assets not yet transferred will continue to be received by the JSAs and swept to the respective Nominated Broker on a periodic basis.

The JSAs continue to work with the Nominated Brokers to finalise the Transfer of the very few remaining stock lines, each of which will require a bespoke solution to overcome specific challenges.

Distributions to other brokers

Clients who either opted out of a Transfer to one of the JSAs’ Nominated Brokers or, alternatively, did not have a Nominated Broker (i.e. IF ISA, CTF and certain overseas Clients), are part of the Distribution process.

Once a Client has identified such a broker and opened an account, they need to confirm details of their designated broker to the JSAs via the Portal (or by completing a paper equivalent form on request).    

The JSAs have completed Transfers and Distributions to more than 50 brokers for Clients. We estimate that Distributions are now more than 84% completed (based on number of returnable Custody Asset lines subject to a Distribution).

Prior to the JSAs being able to commence work on a Distribution, Clients must have confirmed their proposed new broker can accept their Custody Assets and have opened an account with them. The new broker will typically ask you to complete a ‘transfer request form’ which will then be sent to the JSAs for processing. Please ensure you have completed all the relevant documentation with your proposed new broker in order to ensure there are no unnecessary delays with your Distribution.

Clients are reminded that due to the number of brokers receiving assets, ranging across electronic, paper and statement-based securities, and the differing requirements and response times of Registrars, Custodians and Fund Managers, the completion of Transfers and Distributions will continue to be phased over time and will, most likely, take several weeks with some assets, for example Innovative Finance ISAs (IF ISAs), taking longer.

Update for Clients with Custody Assets held in an Innovative Finance ISA (IF ISA)

We have now completed the transfer of a significant number of Clients’ IF ISAs and associated CAI to new brokers.

Although a Nominated Broker was not identified that could accept a Transfer of all Innovative Finance ISAs (“IF ISA”) we have since been working with a small number of brokers that have been able to accept Distributions instructed by Clients.

Although neither Reyker or the JSAs are authorised to give you financial advice and, to be absolutely clear, this is not financial advice, we thought that you might like to know the identity of these brokers so that you may conduct your own research before making your own decision.

We have also informed the FCA that we will be sharing these broker details on a strictly non-advisory basis.

Brokers that have accepted IF ISA Distributions:

Crowd for Angels Limited

Painters Hall Chambers

8 Little Trinity Lane



Contact: Andrew Adcock


Telephone number: 02074372413


FCA Reference Number – 176508


Simple Crowdfunding (a trading name of Simple Property Ltd)

28 Spinis


RG12 8XA

Contact: Atuksha Poonwassie


Telephone number: +44 7943 572 453


FCA Reference Number – 747022


Please also note that a number of Clients have elected to take the assets currently held within the IF ISA product out of the tax wrapper.  These Clients have instructed Reyker to transfer the asset into their own name. In this situation you will no longer have an ISA manager (as the asset will no longer be held in an IF ISA wrapper) and the payments and any correspondence will be sent to you directly.

Please note that we strongly recommend that Clients take their own independent financial advice before making any decisions.

Whatever your decision you must find a new broker that has the necessary permissions to hold the assets and will accept you as a new client or, alternatively, instruct the company to transfer the asset into your own name.

Although the JSAs cannot offer any advice or make any recommendations as to your new broker, Clients may find the below and previously provided web address useful; where HMRC’s approved ISA managers are listed. Please note, however, not all listed ISA managers will accept IF ISAs.

Update for Clients with Custody Assets held in a Child Trust Fund (CTF)

Clients holding a CTF that have turned 18 can contact Client Services about converting the CTF into an ISA or otherwise accessing or transferring their investments.

Clients that remain under 18, or their guardians, and have been unable to find a new broker able to accept the assets as a CTF may contact Client Services about converting the CTF into a Junior ISA (JISA) as this may enable an easier Distribution.

Please note that we strongly recommend that Clients take their own independent financial advice before making any decisions as there will be tax implications from certain actions.

Non-Returnable Client Assets

Argento Access SARL (“Argento”)

As previously reported, the below investments issued by Argento continue to prove impossible to Transfer:

  • Palatine Income & Growth
  • Pittford 3 Year and 5 Year Zero
  • Serpentine Investments Note Series
  • Shelbrook 3 Year and Series
  • Silverlake 4.5%, 6% and GBP Class 1Tigerford Series (“Tigerford”)

In this case, the JSAs made their initial request to the Issuer, as required in the documentation, to transfer these assets in March 2021.  Argento, a company registered in Luxembourg and, we understand, formerly known as The Tigerford Product S.a.r.l (“the Issuer”) confirmed receipt of “valid transfer notices” but gave notice that they were refusing the transfer requests (with no reason being given). The JSAs continue to work to resolve this impasse but have no obvious remedy available and no Transfer date is available at this time.

Other Non-Returnable Client Assets

A list of the currently Non-Returnable Client Assets with a brief explanation of the reason why it may not currently be transferred or distributed to Clients is available here.

A Client with a Non-Returnable Client Asset may, at any time, elect to notify the JSAs in writing that it releases the Company from any obligation to return the Non-Returnable Client Asset. In which event, a Shortfall Claim shall crystallise and a proof of debt for the resulting unsecured claim (to the value of the Non-Returnable Client Asset) shall be deemed to have been submitted against the Company. At his time, however, however, there is no prospect of a payment to such claimants.

Fraudulent communications

  • Given several instances of fraudulent communications seeking advance payments from Clients have been reported, we continue to encourage you to remain vigilant and to exercise caution when dealing with correspondence regarding the Special Administration and/or Reyker.
  • If you are in any doubt regarding the legitimacy of any communication regarding the special administration, please refer to the information provided on the dedicated webpage or contact client services directly on 0800 048 9512 or, alternatively, by email at Further information can also be found at
  • If you have lost money as a result of a scam, you should contact Action Fraud on 0300 123 2040 or visit


The JSAs have a dedicated telephone and email address for Clients and Creditors. These are:

Please note, given the volume of enquiries being received, it is not possible for us to respond to everybody’s individual enquiries, however, best endeavours are being undertaken to provide all Clients and Creditors with the latest information at this website.

Where queries relate directly to the agreement of claims to Client Assets or the submission of Client Money Instruction Forms, we are seeking to respond to Client enquiries received by email within 72 hours.

For all press related queries please contact Mark Gee on 0207 131 4597.

The affairs, business and property of Reyker are being managed by the Joint Special Administrators who act as agents of the Company, without personal liability. Mark Ford, Adam Stephens, and Henry Shinners are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales. Reyker remains authorised and regulated by the Financial Conduct Authority. FCA reference number 115308. Registered in England No. 01747595


A glossary of key terms used within our Client and Creditor communications and published herein can be found here