Marvell Enterprises Limited has been declared under investigation by the Financial Services Compensation Scheme (FSCS).

Marvell (FRN: 942172) was registered with the Financial Conduct Authority from 16 January 2021 as a credit broker, but in breach of its permissions was involved in offering products such as an ISA and a high yield bond.

The FSCS said the credit broker and property developer offered high yield bonds and ISA products as well as carrying out other regulated investment activities it did not have permission for.

Marvell specialised in property development and investment in social housing, student accommodation and commercial property.

The FCA removed Marvell's permissions and issued a consumer warning in November.

The regulator said in December that it believed Marvell may have misused its regulated status as a credit broker to “take advantage” of consumers and that the investments that it sold may not be FSCS protected. 

The FSCS has been working with the FCA and the Financial Ombudsman Service to investigate Marvell’s activities and it is now considering whether valid claims exist under its rules.

The compensation body has called for consumers who think Marvell may have been involved in advising on and/or arranging a bond, ISA or any other product, to register a claim.

The FSCS said all claims will be considered on a case-by-case basis, to determine if compensation is due.

In December the FCA said it had “serious concerns” about credit broker Renaissance Advisory Ltd, which it linked to Marvell. It stripped Renaissance of its Part 4A permission to conduct regulated activities and removed the firm’s second credit broking licence.

Marvell also appears to be connected to Grosvenor, a firm the FCA issued a First Supervisory Notice about on 30 November. The warning was issued due to Grosvenor's apparent links to firms that the authority had issued warnings about for engaging in unauthorised business and for providing misleading information about its controllers and intended business at authorisation.

Marvell holds a significant interest in Grosvenor through a shareholding which, according to Companies House records, was acquired, but filed after, Grosvenor was authorised. 

Marvell was first incorporated in July 2019 as a firm buying and selling real estate. It gained FCA permission as a credit broker in January 2021.

According to Companies House, the firm is still active, with striking off action discontinued on 7 July. The Registrar of Companies previously gave notice of plans for forcibly dissolve the company on 28 June.

Accounts filed for 2021 showed capital and reserves held by the firm of £22.59m.