Blankstone Sington Ltd, trading as BS CFDs

Latest updates

• 15 Jul, 2024

  Transfer of assets

  From 1 July 2024, former clients of Blankstone Sington were able to access their money and assets via the replacement broker, Redmayne Bentley.

  Over the past few months, the Joint Special Administrators (JSAs) and their team have been working closely with Redmayne Bentley to ensure a smooth transition for clients.

  Customers should have received a welcome letter from Redmayne Bentley, dated 24 June 2024, advising how they can access their money and assets. If any customers haven’t received this letter or have any questions regarding its contents, they should contact Redmayne Bentley by email at liverpool@redmayne.co.uk or by phone on 0151 433 9363.

  Under the terms of the distribution plan, approved by court order on 9 May 2024, FSCS is committed to meeting the costs of the Special Administration on behalf of all eligible customers up to £85,000. FSCS will do so by direct arrangement with the JSAs.

  This means that the vast majority of customers will get their money and assets back in full via Redmayne Bentley, with no deductions to cover the costs of the Special Administration.

  We would like to thank Blankstone’s customers for the patience that they have shown throughout this difficult period.

  Other claims for compensation

  We have now opened up our online claims service for any customers who wish to make further claims against Blankstone Sington (other than for the return of their money and assets).

  This is for customers who believe that having their assets and money returned is not going to address the losses they’ve suffered, and who consider that Blankstone Sington is to blame for these additional losses.

  Note that FSCS can’t pay compensation for losses that have arisen from being unable to sell assets or settle transactions during the Special Administration. We also can’t pay compensation for poor investment performance alone.

  It’s completely free to make a claim for compensation with FSCS if you claim with us directly. You can click here to start your claim.

• 26 Jun, 2024

  FSCS understands that the Sale and Purchase Agreement between the Joint Special Administrators (JSAs) and Redmayne Bentley became effective on 17 June 2024. The majority of customers have now had their client money and assets transferred to Redmayne Bentley. A small number of customers who have not transferred are already in contact with the JSAs to discuss their options in accessing their client money and assets.

  There will now follow a short period during which Redmayne Bentley will complete their onboarding of customers. It is expected that customers will be able to access their money and assets and start to trade again on or around 1 July 2024.

  FSCS will meet the costs of the Special Administration by arrangement with the JSAs on behalf of all eligible customers. The small number of customers who are not eligible, or have not provided enough evidence to allow a determination to be made, have now been contacted by the JSAs. Most customers have transferred or will be able to transfer without deduction for Special Administration and without any additional sums to pay.

  Please continue to be aware of the possibility that scammers may look to take advantage of the Special Administration of Blankstone Sington Ltd to try to defraud customers.

  If you are cold called or contacted by someone claiming to be from Blankstone Sington Ltd, Leonard Curtis, or Redmayne Bentley please end the call and contact Leonard Curtis via email at blankstone@leonardcurtis.co.uk or call 0161 820 4238.

  After 1 July, customers will be able to contact Redmayne Bentley by email using the address liverpool@redmayne.co.uk or by telephone: 0151 433 9363.

• 17 May, 2024

  The High Court has now approved the Distribution Plan for Blankstone Sington Ltd.

  The Joint Special Administrators (JSAs) have now written to clients confirming the court’s approval of the Distribution Plan and who the Nominated Brokers will be. 

  The JSAs will also send customers a Client Asset Return Statement. This will detail all the assets and money to be returned under the Distribution Plan. 

  You can find further details, and a copy of the Distribution Plan and an accompanying Explanatory Statement on the JSAs' website.

  Transfer of assets 

  Eligible customers will be able to transfer to the new Nominated Broker without any deduction from their money and assets. This will happen automatically, you don’t need to apply to FSCS for compensation directly.  

  FSCS will pay up to £85,000 for each eligible customer for the costs of the Special Administration. All customers who are individuals are FSCS eligible. We’re also working with the JSAs to determine whether each non-individual customer can claim through FSCS. 

• 06 Feb, 2024

  On 21 December 2023 we explained that we expect to be able to pay compensation to eligible customers of Blankstone Sington. We have now taken the next step by declaring the firm in default. This is something we have to do as it confirms that FSCS believes the firm owes money to its customers and cannot meet the costs of any claims itself.

  We still remain closed to claims, so Blankstone Sington’s customers do not need to do anything at this point. There is still a considerable amount of work to do before customers can be reunited with their money and assets.

  We're continuing to work closely with the Joint Special Administrators and will provide further updates, including timescales, when that information is available.
  
  

• 21 Dec, 2023

  We’ve been working closely with the Joint Special Administrators (JSAs) to see if there are any claims eligible for FSCS compensation. 

  We now anticipate that, for customers who are eligible under FSCS rules, we are likely to meet any losses suffered in relation to the following: 

  • the costs of transferring client money to a new broker; and
  • the costs of transferring client assets to a new broker - provided the particular assets are covered by FSCS's rules.

  Further information regarding eligibility for FSCS compensation can be found on our Eligibility page.

  Any compensation payable by FSCS is subject to the statutory cap of £85,000 per eligible customer, per firm. 

  Before FSCS can make any compensation payments in accordance with the special administration process, the Clients' and Creditors' Committee and the Court must approve the JSAs’ Distribution Plan, which sets out how customers’ assets will be returned to them. How client money will be returned to customers will be set out separately. Both customer assets and client money are likely to be transferred to a new broker at the same time. 

  We don’t yet have a timescale for how long this is likely to take. The JSAs will be providing more updates as their work progresses. We will continue to work closely with them and will provide further updates when we’ve more information.

  At the moment, Blankstone Sington Ltd customers do not need to take any action regarding FSCS compensation. We remain closed to customer claims.