Paul Boyle and David Clements at Harrisons Business Recovery & Insolvency (London) Limited have been appointed joint special administrators. FHF is an investment firm offering discretionary, advisory and execution only business and has 15 regional offices.

The firm placed itself into special administration, primarily on the ground that it is, or is likely to become, unable to pay its debts.

The FSA said that if clients have any concerns they should contact the special administrators in the first instance.

The Special Administration Regime (SAR) came into effect in February 2011 and sets three objectives for a special administrator:
· to ensure the return of client assets as soon as practicable;
· to ensure timely engagement with market infrastructure bodies and the authorities; and
· either to rescue the firm as a going concern or wind it up in the best interests of the creditors.

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In an ordinary corporate administration proceeding only the third objective would apply and this is the fourth time the SAR has been initiated by the FSA, the regulator said. The FSA can direct the special administrator to prioritise one or more of the objectives if it deems that to be necessary on UK financial stability grounds but before it does so it must consult HM Treasury and the Bank of England.

The special administrator can direct any suppliers to continue to provide key services to the entity in the SAR, to facilitate an orderly resolution. Harrisons Business Recovery & Insolvency (London) Ltd can be contacted on 0207 317 9160 or 0118 951 0798.