The High Court has approved pro rata distribution to eligible investors of money recovered by the FCA from Argento Wealth Limited (AWL), which was found to be involved in unlawful activity in connection with an Unauthorised Collective Investment Scheme (UCIS).
Eligible investors must act by 1 August to get a share of the £1.9m recovered by the FCA.
Court documents show that the FCA recovered amounts of £1,046,488 and £841,763 from Argento's bank accounts. That leaves a total of £1,888,251 to be distributed to eligible investors.
The FCA said investors can receive a share of the money recovered if they:
• Invested in the AWL Loan Scheme; or
• Invested in the EMB Scheme and if their investment was arranged by AWL or its sub-distributors.
The regulator said it will make payments to eligible investors, as defined in the court judgment, who provide their bank account details on or before 1 August.
It added: “If we do not have your bank details by this date, then you will be unable to receive a distribution payment. The same applies if we are not aware of your investment by that date.”
The FCA is writing to eligible investors named in Appendices 1 to 2 of the court order using the contact details it already holds. Appendices 1 to 2 are not being published for privacy reasons.
The FCA earlier said that AWL unlawfully took approximately £2.8m as deposits under loan agreements and/or as part of an unauthorised collective investment scheme.
It also said AWL unlawfully arranged investments in EMB Fund Limited (EMB) totalling about US$9m (£7.1m) which breached the restrictions on financial promotion.
• The FCA said if anyone invested in the AWL Loan Scheme or in EMB Fund Limited (via AWL or its sub-distributors) and thinks they may be eligible, should contact the regulator no later than 1 August with full details by email to: