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 2022 to 7 April 2023 is available here.

Update for Clients with Client Money (being the cash held on behalf of the respective Clients at 8 October 2019) - 11 May 2023

Third and final distribution of Client Money

The JSAs are pleased to confirm that, given the passing of time and recent steps taken by the JSAs in collaboration with third parties, they are now able to proceed with a third and final distribution of Client Money (being the cash held on behalf of the respective Clients at 8 October 2019) to the majority of FSCS Protected Claimants, whilst protecting recipients from a risk of future claims against the distributed funds. 

It is anticipated that these distributions will be paid either on or before 31 July 2023.

Clients that are either not FSCS Protected Claimants or, alternatively, FSCS Protected Claimants whose respective share of costs exceed the compensation limit will not receive any further Client Money at this time as the sums previously retained from prior distributions are required to meet the respective Clients’ share of the 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)

Previous reports have explained why, based on legal advice, the JSAs’ preference is to close the CMP by way of a Hard Bar Date in advance of declaring a third and final distribution to all Clients.

As more than 790 Clients have still not submitted a claim to their Client Money and claims from known Clients continue to be received and agreed each month, the JSAs’ legal advice remains that an application for a Hard Bar Date is premature and not without risk of being rejected.

The JSAs are, however, keen not to cause any further delay for those Clients that have done all that they need to do and whose respective share of costs are due to be paid in full from the FSCS. Therefore, following work which was able to be completed in this progress period, partly due to the passing of time and the consequential reduction in risk of unforeseen claims being received, the JSAs will be proceeding with the aforementioned third and final distribution of Client Money to the significant majority of FSCS Protected Claimants either on or before 31 July 2023.

Please note, Clients that are yet to submit their claim to Client Money are encouraged to urgently engage with the process, even if they consider their Client Money balance to be relatively small, as the JSAs intend, in due course, on making an application to court to set a Hard Bar Date. Once the Hard Bar Date has passed, all Clients who have not submitted their claim will lose their rights to claim Client Money in the CMP and, subject to the total cost of the Client Money distribution, a third and final distribution calculated and paid to the small number of non-FSCS Protected Claimants and FSCS Protected Claimants whose share of costs exceed the compensation limit.

Update for Clients with Custody Assets and Corporate Action Income (CAI) – 11 May 2023

Transfers to the JSAs’ Nominated Brokers

More than 99% of transferrable Custody Assets due to Transfer to the Nominated Brokers have 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 opened an account with a new broker they should provide details of their new broker to the JSAs via the Portal (or by completing a paper equivalent form on request).   

The JSAs have completed Client Transfers and Distributions to more than 70 different brokers. 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 Custody 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.  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.

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, 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.

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.

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:

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