In the intricate and ever-evolving landscape of investments, some events can catch investors off-guard, potentially shaking their financial stability. Recently, the spotlight has been on Haich & Associates (UK) Ltd, a former ISA manager, and their dealings with certain investments, namely BoxVn Ltd and NQ Minerals. Here's what every ISA investor should know about the unfolding situation.
Haich & Associates, based in Kington near Hereford, was an established ISA manager with a reputation that drew many investors their way. But like all entities, it had its days numbered. On the 17th of May, 2022, the company was officially dissolved. However, before that end, it was operational under various names, becoming Haich & Associates (UK) Ltd effective from 16th October 2017.
Haich & Associates had been associated with several investments, but the names that have been making rounds are BoxVn Ltd and NQ Minerals. These investments, specifically the bonds from these entities, are currently under scrutiny for their validity and how they were managed.
Up until 19th May 2022, Haich & Associates was recognised and authorised by the Financial Conduct Authority (FCA). Post this date, they lost their authorisation, ceasing all regulated activities and products. This change in status, close to their dissolution date, raised eyebrows.
By 13th April 2023, a formal investigation was initiated, turning the spotlight onto Haich & Associates’ activities as an ISA manager and their involvement in arranging customers' investments.
With Haich & Associates being brought to the forefront, the FSCS has been active in understanding the situation. The FSCS confirmed that they've received several claims regarding Haich & Associates' activities. Currently, they are in the initial phase of their investigation, looking into the claims to determine if they fit the conditions for FSCS compensation.
The overarching question? Were there any regulatory oversights or activities that might lead to valid claims. The FSCS is particularly keen on understanding if the bonds in BoxVn Ltd and Australian miner NQ Minerals plc were legitimate offerings and if the investors have a case.
While Haich & Associates are the main focus here, it’s worth noting that the FSCS has had its hands full. So far, within this year, 29 firms have been declared in default by the FSCS, and five more are currently under investigation. These include names like DAC Pensions, facing nearly 500 claims, and Portal Financial Services, which, according to FOS data, had the highest uphold rate between July and December of the previous year.
If you're an investor who has had dealings with Haich & Associates or any of the named investments, it's essential to stay updated. Though details are still emerging, it's crucial to ensure you're informed and prepared for any potential outcomes.
Should you recognise any of the names mentioned or feel you might be directly affected, we strongly recommend reaching out and seeking guidance. At this stage, knowledge is power, and staying proactive can make all the difference.
What Should You Do Next? Fill out the contact form below and submit your details to us here at CP Financial Claims and we can arrange a free, no-obligation chat.
