Reyker Securities Plc (in 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.

We were appointed Joint Administrators under our former brand, Smith & Williamson.

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 2021 to 7 April 2022, is available here.

Update for Clients with Client Money – 5 May 2022

Second interim distribution 

In November 2021, the JSAs declared a second interim distribution of 13.25 pence in the pound to all Clients that have submitted a claim and a valid Client Money Instruction Form (CMIF) (subject to any additional information which may be required to verify instructions to personal bank accounts or new brokers and Clients being FSCS Protected Claimants).

This means over 80% of all Clients with a claim to Client Money have now received 98.25% of their Client Money. The balance of 1.75% will be retained as a provision against new or increased claims until such time that the Client Money Pool (CMP) is closed and a final distribution of Client Money paid (see next section). 

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.

More than £53.6 million of the CMP has now been distributed to Clients (being 95% by value of the maximum amount of Client Money that can be distributed at this time and 93% of the total CMP value).

Should you wish to update your Client Money instructions or have any queries in relation to the second distribution, please write to  

Closing the Client Money Pool (CMP) and final distributions 

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. The timing for closing the CMP is largely contingent on when all, or nearly all, Clients have submitted their claim to Client Money.

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 should 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). 

In order for the Court to make a Hard Bar Date order, (i) it needs to be satisfied that the JSAs have taken all reasonable steps to identify and contact persons who may be entitled to the return of Client Money and (ii) 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”.  This is the exact wording in the Legislation, with the JSA’s emphasis added, and Clients should appreciate that this sets a very high legal threshold.

Despite the extensive client tracing program undertaken by the JSAs last year (which both met and exceeded the requirements set out in CASS) and 190 new claims to Client Money over the last six months (being an average of 32 new claims per month), there remains more than 800 Clients (circa 9%) yet to submit a claim to their share of Client Money, totalling approximately £1 million. Over 100 of these Clients have a claim to more than £1,000.

Accordingly, and in light of recent discussions with their legal advisors about the need to reduce further the number of high value outstanding claims, the JSAs considered it appropriate to revisit and supplement their previous attempts to trace Clients and a separate project team was established to:

  • Visit the last known address of any Clients with a claim to more than £10,000 with a view to hand delivering documents, personally explain the purpose of the Special Administration, answer any questions or source forwarding addresses where Clients may have moved; and
  • Undertake additional internet and social media searches (including Google, Facebook and Linked-in).

It was considered expending further time and cost in this regard was in line with the JSAs regulatory and statutory duties, proportionate and in the interests of all Client Money Clients given it may help expedite the application to Court for a Hard Bar Date and, therefore, the final dividend.

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 and further guidance is available on the Website or by contacting client services on 0800 048 9512 or by email at

Update for Clients with Custody Assets and Corporate Action Income (CAI) – 5 May 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 30 April 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 82% 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.

Non-Returnable Client Assets

Argento Access SARL (“Argento”)

As previously reported, the below investments issued by Argento continue to prove challenging 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, 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