The Financial Services Compensation Scheme has declared London-based investment support firm MET Facilities LLP (formerly Frognal Asset Management LLP) as failed.
The firm was involved in pensions and investments but no further details have been provided so far.
The firm described itself as a "regulatory hosting" company.
The declaration means the FSCS will now step in to compensate ex-clients with valid claims.
The firm (FRN 587084) is no longer trading and is going through an insolvency process. A petition to wind up the firm was agreed last year.
The firm, based in West Hampstead, London, was authorised from 2013 and provided support services to several types of firms, including asset managers, fintechs, start-ups and wealth managers.
It traded most recently under the name MET Facilities LLP but was previously known as Raynar Portfolio Management until 2024 and before that Frognal Asset Management LLP.
According to the firm’s website: “We provide a comprehensive and flexible regulatory hosting umbrella for funds, start-ups, fintechs and financial services firms.”
The firm added in its offer to potential clients: “Through a combination of Appointed Representatives and Controlled Functions/Approved Persons, we can facilitate your requirements in the most efficient and compliant manner possible.”
The FSCS has declared a spate of regulated firms as failed or under investigation in the past six weeks including seven in October and two so far in November.
Last week the Financial Services Compensation Scheme declared a West Sussex Financial Planning firm with seven trading names as failed. The move opened the door to clients of the firm, Global Financial Limited - formerly Graeme Blair Financial Planning Limited (FRN: 134496), to claim compensation from the FSCS if they have valid claims.
In October the FSCS declared seven regulated firms as under investigation or failed including City of London-based wealth manager Bullseye Financial Ltd, which has gone into administration. Bullseye Financial Ltd (FRN 939395) had been authorised by the FCA since 2011 and served professional investors, according to the FCA. The firm offered a range of investment services, including discretionary portfolio management and 'ready made' portfolios. It also appeared to offer immigration and visa services.