Fyshe Horton Finney clients to recover cash

NEARLY all non-corporate clients of the failed stockbroker Fyshe Horton Finney will be repaid in full by the end of the year, according to administrators.

The firm, which had offices in 15 locations across the country, including  Birmingham and London, failed in March and its client list was sold to Redmayne Bentley.

A creditors’ report in May showed there was a client money shortfall of £860,000 – the firm had £16.6m of client cash in the bank at the time of its collapse but owed £17.4m.

Paul Boyle, head of national practice at the administrator Harrisons, told Citywire: “Based on our current understanding, we estimate that 99% of non- corporate clients will recover in full all of their pooled money.

“The position is less clear for corporate clients and they will need to take advice on their possible entitlements under the FSCS [Financial Services Compensation Scheme] guidelines.”

Established over a century ago, the firm was one of the oldest regional stockbrokers.

Despite cutting back costs in the last couple of years its combined losses had reached £3.4m since 2009. According to an earlier statement from administrators, the investment firm had also been plagued by boardroom rifts.

A progress report from the administrators has been filed at Companies House but is not yet available to view.