FSCS declares investment manager in default

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An investment manager has been declared in default by the Financial Services Compensation Scheme.

Curzon Capital, which describes itself as an investment management firm, was declared in default on Friday (July 22).

The FSCS confirmed they have received 173 claims against the firm, three of which they are investigating. 

The majority relate to bonds.

On its LinkedIn page, the company said it specialises in tax-efficient exposure to alternative investment strategies for various different asset classes.

In 2019, HM Revenue and Customs took the company to a tax tribunal, arguing that the disguised remuneration arrangements promoted by Curzon Capital were notifiable under the disclosure of tax avoidance schemes legislation.

The tribunal dismissed the case.

In court documents relating to the case, HMRC said the company acted as a sponsor and operator of a number of unregulated collective investment schemes and provided investment advice and financial administration services. 

The company was regulated by the FCA between 2001 and November 2018.

sally.hickey@ft.com