Monday, 25 March 2013
Stockbroker in 4th Special Administration Regime
Fyshe Horton Finney is the fourth company to go into the "Special Administration Regime" or SAR. This regime is used mainly in financial services where client accounts need to be protected swiftly and their needs to be a "timely" engagement with the authorities. Fyshe Horton Finney were one of the oldest stockbrokers in the country. Harrisons have been appointed. The SAR system was put in place following the collapse of Lehman Brothers which caused widespread litigation and it was a very long time before clients saw their money back.
Established in 1896, Fyshe Horton Finney is one of the oldest regional stockbrokers and operates in 15 offices across the country. Despite cutting back costs in the last couple of years the company's combined losses reached £3.4m since 2009.
According to a statement from administrators, the investment firm was also plagued by boardroom rifts that have stifled growth plans to develop the business.