Dolfin Financial (UK) Ltd enters special administration

The UK Financial Conduct Authority (FCA) has confirmed that Dolfin Financial (UK) Limited has entered special administration.

On 30 June 2021, the Court appointed Adam Stephens and Kevin Ley, of Smith & Williamson LLP, as Joint Special Administrators of Dolfin Financial (UK) Ltd.

The Joint Special Administrators will carry out an assessment of all the client money and custody assets held by the firm to confirm the current position. The Joint Special Administrators will write to clients and creditors with their proposals for the Special Administration within 8 weeks of their appointment, which was made on 30 June 2021. This will include the process of how they should make a claim.

The UK Financial Services Compensation Scheme (FSCS) is working with the Joint Special Administrators to determine whether FSCS-protection may exist for Dolfin’s clients.

If FSCS is able to provide cover to Dolfin’s clients, FSCS may be able cover any shortfall in client money or custody assets returned to eligible clients by the Joint Special Administrators, including covering the Joint Special Administrators’ costs in returning the client money or custody assets, up to a maximum of £85,000 per customer.

The FCA identified a number of serious concerns around the way that Dolfin operated its business, including the firm’s Tier 1 Visa business activities and financial crime controls. The regulator sought to work with Dolfin while it took steps to try to address these concerns, including voluntary restrictions on its regulated activities which came into effect on 24 December 2019, and the commissioning of a Skilled Persons Review (s166).

However, following the conclusion of this review, the FCA decided that it was in the best interests of consumers to stop the firm from carrying out regulated activities. On 12 March 2021, the FCA issued Dolfin with a Supervisory Notice prohibiting it from carrying on any regulated activities.

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