Wealth supervisor and stockbroker Redmayne Bentley is to accumulate the consumer belongings of failed Liverpool wealth supervisor and stockbroker Blankstone Sington, topic to regulatory and court docket approval.
Blankstone Sington Ltd (FRN: 143694) was declared as failed by the Monetary Providers Compensation Scheme in February, with the court docket appointing particular directors following an software by the FCA.
Redmayne stated right now it had signed an settlement to accumulate the personal consumer enterprise of Blankstone Sington Restricted.
The price of any deal has not been disclosed.
In accordance with Redmayne Bentley, directors Leonard Curtis have deemed probably the most beneficial resolution for Blankstone Sington shoppers is for a switch of their cash and belongings to a single dealer which can be regulated by the FCA.
Redmayne Bentley, which additionally has a Monetary Planning arm, stated it had been chosen as the popular agency to take over the personal consumer e-book. The switch means shoppers and belongings shall be transferred to Redmayne Bentley, a big personal consumer wealth administration and stockbroking agency.
Blankstone directors Leonard Curtis right now confirmed the main points of the proposed ‘Distribution Plan’ to Blankstone Sington shoppers and notified them of the deliberate switch to Redmayne Bentley.
The switch is ready to happen in late June. As a part of the method Blankstone Sington shoppers won’t be able to talk to Redmayne Bentley till this level. Within the meantime, info and assist is obtainable to shoppers affected at www.leonardcurtis.co.uk/case/blankstone
Stuart Davis, chief govt, Redmayne Bentley stated: “We’re delighted Leonard Curtis chosen Redmayne Bentley. Being a privately owned enterprise of 150 years standing, we look ahead to offering these shoppers with some stability and certainty going ahead. Our service proposition, and the excessive ranges of consumer service that we’ve at all times strived to ship, present a pure match for Blankstone Sington shoppers.”
Redmayne Bentley has beforehand accepted the switch of shoppers from different companies together with Havelock Hunter, Fyshe Horton Finney and SP Angel.
Following the failure of Blankstone Sington in February, the FSCS stated that it might be investigating whether or not there have been any claims eligible for compensation.
A spokesperson for the FSCS stated the compensation physique was working carefully with the directors because it anticipated to pay compensation in an effort to switch shoppers’ cash and belongings to new brokers.
Blankstone Sington operated since 1976, in accordance with the corporate’s web site, providing funding administration, mannequin portfolio providers, inheritance tax providers and stockbroking. The agency additionally supplied providers regarding Sipps, property administration, private and belief taxation providers and ISA recommendation.
In accordance with the FCA’s register, Blankstone Sington (BSL) was authorised to do pension and funding work. It was additionally a member of the Inventory Trade.
In accordance with the directors, Blankstone agreed to enter voluntary necessities in November 2021 due to the lack of a number of skilled workers who couldn’t simply get replaced. It meant the agency couldn’t tackle any new shoppers.
The administrators subsequently tried to discover a purchaser for the corporate and acquired 4 gives. It entered right into a three-month exclusivity settlement with one get together to progress a sale in 2023 however that fell via.
Redemayne Bentley was established in 1875 and has greater than 150 client-facing funding professionals and over 25 workplaces all through the UK.
Redmayne Bentley offers providers for personal shoppers, trusts, charities {and professional} advisers, together with conventional stockbroking, a web based Managed Portfolio Service (MPS), bespoke funding administration and Monetary Planning.
