Sussex-based Facet Investment Management Limited has entered administration and is now under investigation by the Financial Services Compensation Scheme.
According to the FCA, on August 23, the director of Facet placed the firm into administration.
Ian Lawrence Goodhew and Abigail Shearing from Voscap Ltd have now been appointed as the joint administrators.
Facet is a wealth management and independent financial planning firm that provided discretionary investment management services.
Customers may have received advice from Berkeley Financial Partners, who acted as an appointed representative of Facet, the regulator confirmed.
Both Facet and Berkeley are owned by a non-regulated group, named Brook Capital Ltd.
The FCA said the administrators will contact Facet customers within eight weeks of their appointment with more information about returning investments and details of how to complain if necessary.
The FSCS is now open to customer complaints, but said it will not be passing these on to its claims processing team immediately for assessment.
This is because it is investigating the firm to determine whether claims meet the qualifying conditions for compensation.
Customers were warned by the FCA to remain alert to the possibility of fraud.
alina.khan@ft.com
