Most of the 11,500 former clients of failed wealth manager and DFM provider Reyker Securities plc have got their money back after intervention by the Financial Services Compensation Scheme.

Reyker Securities, a firm which mainly offered structured investments and a DFM service, slumped into administration in 2019 with efforts to find a buyer for the firm proving fruitless.

The FSCS says it has been able to work closely with Reyker’s Joint Special Administrators at Smith & Williamson to ensure that assets were returned to clients.

Reyker had 11,500 customers when it went into Special Administration in October 2019. At the end of January 2021, the administrators of Reyker began transferring customers' assets to five new nominated brokers. The vast majority have now had most, if not all, of their assets returned, the FSCS says.

So far over 90% of the assets able to be transferred to the brokers have transferred or have been instructed for transfer - representing more than 80% of the total holding of the 11,500 customers.

A small number of customers may have to wait a while before some assets can be transferred to their new broker, the FSCS said. These are mainly assets that require third-parties, such as registrars, as part of the transfer process. 

Most customers have had their Special Administration costs met by the FSCS. FSCS protection has also been available to most small companies and some corporate clients holding assets for underlying eligible customers.

Jimmy Barber, chief operating officer at FSCS, said: "We want to thank Reyker's customers for their patience as we recognise that it has been an extremely difficult and distressing time for them since Reyker went into Special Administration. The vast majority have now had their assets returned and we are working to ensure that the remaining few with cases that are more complex are transferred to their new broker as soon as possible.

"We also want to thank the team at Smith & Williamson for ensuring the smooth transition of assets."