Manchester-based financial advice firm LCM Family Limited (FRN: 227651) has entered administration following agreeing to a voluntary requirement with the FCA.
LCM agreed to the voluntary agreement on 14 April.
The firm was formerly known as LCM Wealth Management and SPH 225 Limited.
LCM has been authorised by the FCA since it was founded in 2003.
At the time of entering administration, the firm had six registered individuals including director and company secretary James Litchfield.
LCM operated as a dual-regulated business, being authorised by the FCA to provide both financial advice and investment services, whilst also being regulated by the Solicitor’s Regulation Authority for legal services.
The firm also had passporting authorisation to provide insurance distribution services in Gibraltar.
The firm’s most recent financial accounts at Companies House show that in 2024 the advice firm was owed over £1m by debtors and did not at the time hold enough other assets to pay its bills of £592,202 with only £57,465 in its bank account.
LCM’s website declares that it has ceased all FCA-regulated activities with immediate effect and that clients’ existing investments and policies continue to be held with relevant product providers or custodians.
Louis Longley and Gary Shankland of BTG Begbies Traynor (Central) LLP have been appointed as joint administrators.
Customers and creditors of LCM can contact the joint administrators on:
Helpline: 0113 285 8619
Email:
Address: BTG Begbies Traynor, Floor 2, 10 Wellington Place, Leeds LS1 4AP