Sussex-based wealth management and independent financial planning firm Facet Investment Management has gone into administration.

The discretionary fund manager (DFM) was placed into administration by its director on 23 August 2024, with Ian Lawrence Goodhew and Abigail Shearing from Voscap Ltd being appointed as the joint administrators, the FCA confirmed.

The FCA noted that Facet customers may have received financial advice from Berkeley Financial Partners, which acted as an appointed representative of Facet.

In June, the FCA placed restrictions on Facet and Berkeley Financial Partners that prevented them from moving assets and carrying out Part 4A regulated business without permission from the regulator.

The Financial Services Compensation Scheme (FSCS) has opened an investigation into the failed company and is open to receiving customer claims.

“Although we are accepting claims against Facet, they will not be immediately passed to our claims processing teams for assessment,” the FSCS stated.

“This is because we will be investigating the firm to determine whether claims meet the qualifying conditions for compensation, and this may take some time.”

Facet is a wealth management and independent financial planning firm that provides discretionary investment management services, and was first authorised on the FCA register in December 2001.

Both Facet and Berkeley Financial Partners are owned by Brook Capital Ltd, a non-regulated group.

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