City Equities Limited was established in December 1992 and focused exclusively on the smaller companies or ‘penny shares’ sector, providing advice to the private investor.
Whats happened to City Equities Stockbrokers?
Answers and Updates For City Equities LTD.
City Equities Limited Stockbrokers 2012 accounts posted a loss of £1.48m for the year ending November 2012 and recent reports also forecasted City Equities LTD were to lose £93k a month in the coming year. During this period, City Equities Stockbrokers attracted a number of complaints for mis-selling shares, upheld by the Financial Ombudsman Service.
As a result, a variation of City Equities Stockbrokers permissions on 29 August 2013 meant City Equities Limited were only able to transact execution-only trades. This followed on from a ‘section 166’ request ordering City Equities Stockbrokers to carry out a skilled persons review on how it conducted and managed its business.
On 11 October 2013 City Equities LTD entered Administration and UHY Hacker Young were appointed Special Joint Administrators. In a letter dated 17 October 2013 to All Known Clients, UHY Hacker Young stated the Financial Conduct Authority request the Wind Up of the business.
It is anticipated City Equities will soon be declared in ‘default’ by the Financial Services Compensation Scheme (FSCS). This means clients of City Equities can submit a claim to the FSCS to the maximum limit of £50,000. Mis-sold Shares Limited have a proven track record in representing many claims through the FSCS to a successful conclusion.
If you have lost money as a result of advice from City Equities, please contact us NOW on 0207 183 0638 to find out more.
We can also offer you a FREE NO OBLIGATION telephone consultation with one of our specialists, to discuss and advise you on any outstanding investments or mis-sold investments you think you may have, please complete the form below, leaving a suitable time for us to call you.