Reyker Securities Plc special administration

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

The dedicated helpline number for Clients and Creditors has changed to 0207 397 2586.

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 October 2023 to 7 April 2024 is available here.

Update for Clients with Client Money (being the cash held on behalf of the respective Clients at 8 October 2019) - 6 November 2023

Third and final distribution of Client Money

The JSAs are pleased to confirm that, a third and final distribution of Client Money was declared and paid to the majority of FSCS Protected Claimants (who had submitted a claim and valid CMIF) during Summer 2023.

Accordingly, the JSAs have now distributed approximately £55.9 million of the Client Money Pool (“CMP”) (being circa 97% by value) to Clients.

Of the 9,192 Clients who held a share of the CMP at the start of the Special Administration, more than 7,800 Clients (85%) have now received their respective share of Client Money in full (without deduction for costs as a result of the FSCS).

Clients that are either not FSCS Protected Claimants or, alternatively, FSCS Protected Claimants whose respective share of costs exceed the compensation limit could not receive any further Client Money as part of the third and final distribution as the sums previously retained from prior distributions are required to meet the respective Clients’ share of the estimated distribution costs. Notwithstanding this, the JSAs presently anticipate a small and final balance of Client Money may be paid to such Clients once the CMP has been closed to all claims and the total cost of the Client Money distribution finalised; particularly in circumstances where any unclaimed Client Money by the Hard Bar Date may be applied against such costs.

Required action

  • 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. This can be done via the Portal or by contacting client services (contact details below).
  • Clients with smaller claims, that do not wish to pursue any repayment of funds, are still encouraged to submit their claim and to provide instructions for their entitlements to be paid to charity. This will help expedite the closure of the CMP.
  • Any FSCS Protected Claimants that do not receive their final distribution by 31 July 2023 should contact client services (contact details below) as further action may be required before the JSAs are able to proceed with the payment.

Please note, the amounts being distributed solely relate to the balance of Client Money (i.e. cash) which was held by Reyker on behalf of Clients at 8 October 2019 and does not relate to any forms of compensation which Clients may be seeking, either from the FSCS or otherwise, with regard to the failure of Reyker or their underlying investments.

Closing the Client Money Pool (CMP)

In accordance with the Rules, the distribution plan and following confirmatory legal advice, the JSAs still consider the most effective way to close the CMP to all claims (prior to defraying final costs and dealing with any residual funds in accordance) 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 all new or increased claims and the JSAs should be able to distribute the remaining Client Money claimed by Clients, including Non FSCS Protected Claimants (after deduction of their respective share of the final distribution costs).

In order for the Court to make a Hard Bar Date order, it needs to consider that, if a Hard Bar Date is set, there is no reasonable prospect that the JSAs will receive claims for the return of Client Money after that date.

The JSAs have been keen to close the CMP as early as possible, however, we continue to receive new claims to Client Money at an average of one new claim per month (previously two in the first half of the year) and there remains approximately 780 Clients who are yet to submit a claim at all.

Alongside this, a judge may query the need for a Hard Bar Date at this time when the Special Administration remains open because the JSAs are still working through the return of the more challenging Custody Assets (see below) and are not currently able to vacate office.

Accordingly, the JSAs do not consider that an application for a Hard Bar Date to close the CMP is appropriate at this time.

Update for Clients with Custody Assets and Corporate Action Income (CAI) – 6 November 2023

Transfers and Distributions of Custody Assets

Following the approval of the Distribution Plan, in January 2021 the JSAs commenced the Transfer of Custody Assets and CAI to the five Nominated Brokers, being James Brearley, Thompson Taraz, Logic, Kin Capital and Pershing. Whilst the Transfers to Thompson Taraz, Kin Capital and Pershing are complete, the Transfers to Logic and James Brearley continue.

Some Clients opted out of the Transfer or, alternatively, they had no Nominated Broker (mainly CTF and IF ISA Clients). The Distribution process required these Clients to nominate their own choice of broker. The JSAs commenced these Distributions to client nominated brokers in June 2021.

Of the 8,996 Clients who held Custody Assets around the time the Transfer and Distribution processes commenced, 8,578 have now received all their transferrable Custody Assets or their Custody Assets have been deemed Non-Returnable.

There does, however, remain approximately 400 Clients (at November 2023) with potentially transferrable Custody Assets where a Transfer or Distribution is yet to be completed and we continue to liaise with Clients and/or counterparties to resolve the outstanding matters in this regard.

Transfers and Distributions of CAI

CAI (being cash received in respect of dividends, coupons and/or interest following our appointment) continue to be received by the JSAs in respect of Custody Assets that have not yet been Transferred or Distributed and where either a Transfer or Distribution has been instructed but the respective registrar or receiving broker has not yet updated the registered nominee responsible for receiving funds.

Such funds continue to be segregated from the CMP and will pass to either the JSAs’ Nominated Broker or, alternatively, the respective Client’s own choice of broker when their Custody Assets are swept.

Please note, we currently hold CAI for approximately 60 Clients who are yet to provide their Distribution instructions.

Required action

Clients that are yet to:

  • Provide their Custody Asset and/or CAI Distribution instructions (by nominating their own choice of broker):or
  • Receive their transferrable Custody Assets to either one of the JSAs’ Nominated Brokers or their own choice of broker (as applicable) should contact client services on the below contact details as a matter of urgency.

Please note:

  • 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.
  • Due to the differing requirements and response times of brokers, registrars, custodians and fund Managers, the completion of Transfers and Distributions can take up to several weeks and Clients are at risk of losing their legal entitlement to Client Assets still held by Reyker should the appropriate action not be taken before a Hard Date is set.

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

We have now completed the Distribution 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. Whilst neither Reyker or the JSAs are authorised to give you financial advice and, to be absolutely clear, this is not financial advice, we share the identity of the brokers who have accepted IF ISA Clients so you may conduct your own research before making your own decision as to their potential suitability.

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 and their contact details can be found here.

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, 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 who 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 no Transfer date is available at this time.

The JSAs are currently liaising with solicitors and Clients who hold such investments regarding the available options as to how the present impasse may be resolved, in line with and the respective Clients’ preferences by way of a legal application in the Luxembourg court.

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 this time, however, there is no prospect of a payment to such claimants.

Concluding the special administration

The JSAs presently estimate concluding all matters pertaining to the Special Administration during 2025. However, this timeframe still relies on certain Client behaviours, court acceptance of a Hard Bar Date application and the conclusion of the Argento legal application.

Custody Assets

Once any possible Transfers or Distributions of the Argento loan notes have been completed, the JSAs presently intend to issue a Long Stop Date Notice in accordance with the Distribution Plan, which will provide no less than two months’ notice for all Clients with transferrable Custody Assets to provide their instructions (if not already done so) and work with their new broker to ensure their respective Transfers and Distributions are completed.

After the Long Stop Date, the JSAs will be able to liquidate any Custody Assets that may have value and remain tradeable (without the respective Client’s consent) with a view to returning sale proceeds to Clients (which may, in a small number of instances, prove easier than a Transfer or Distribution of the Custody Asset in specie).

Thereafter, the JSAs presently anticipate applying to Court for a Custody Asset Hard Bar Date; after which date any Clients that have not claimed and/or not taken sufficient action for their Custody Assets and/or CAI to be Transferred or Distributed, will lose their legal entitlement to their assets or any proceeds of sale.

Clients who are yet to receive all their transferrable Custody Assets and/or CAI are, therefore, encouraged to contact Client Services as a matter of urgency as further action is likely to be required by them or their new broker.

Client Money

As referenced above, the JSAs are keen to close the CMP and finalise costs and pay a final distribution to all Non-FSCS Protected Claimants (insofar as possible) at the earliest opportunity, however, this can only be done once they are able to demonstrate to the Court that, if a Hard Bar Date is set, there is no reasonable prospect that further claims to Client Money will be received after that date.

The JSAs will, therefore, continue to monitor the run rate of claims to Client Money and regularly review the appropriate time for the application to Court with their legal advisors.

Clients who have not yet claimed or provided their CMIF are, therefore, encouraged to contact Client Services on the below contact details as a matter of urgency.

Following a Hard Bar Date set by the Court, Clients will lose their legal entitlement to their respective Client Assets and rank as an unsecured creditor against the Special Administration estate.

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 0207 397 2586 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

Failed investments

Where Clients held units in Custody Assets which may have failed and/or be deemed Non-Returnable Client Assets, compensation may be claimed from the FSCS should certain circumstances apply.

The compensation referred to within the JSAs’ progress report and webpage principally relates to compensation due to Clients in respect of their respective share of the costs of the special administration, i.e. the shared cost per Client for returning Client Money and Custody Assets.

Claims for compensation in respect of any failed or non-performing investments are not dealt with by the special administrators and Clients should contact the FSCS on 0800 678 1100 should they have any queries in this regard. Such compensation remains subject to the FSCS’ limits of £85k per Client.


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

Given the volume of enquiries being received, please allow for up to 72 hours for a response to your email enquiry or call back.

Please note, the Client Services team have no additional information regarding the overall strategy and progress of the Special Administration beyond what it included in the latest progress report.

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 JSA who act as agents of the Company and 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