Dolfin Financial (UK) Ltd (in Special Administration)

Adam Stephens and Kevin Ley of Smith & Williamson LLP were appointed Joint Special Administrators of Dolfin Financial (UK) Ltd on 30th June 2021.

This website will be used to provide clients and creditors of Dolfin Financial (UK) Limited (“Dolfin”) with information on the Special Administration process.  It will be updated when information becomes available.  Please do return to this website.

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UPDATE 09/09/2021

Following the clients’ and creditors’ meeting on 2 September 2021, clients and creditors approved the JSAs’ proposals and voted to form a clients’ and creditors’ committee.  It was not possible to agree the committee members at the meeting and this will be dealt with separately by way of a formal vote.  The minutes of the meeting can be found here and a report on the outcome can be found here.

在 2021 年 9 月 2 日的客户和债权人会议之后,客户和债权人批准了 JSA 的提议,并投票组建了客户和债权人委员会。会议上不可能就委员会成员达成一致意见,这将通过正式投票的方式单独处理。 会议纪要可在此处找到 链接到缩写的会议记录,关于结果的报告,可在此处找到 链接到表格 2.23B

UPDATE 17/08/2021 – JOINT SPECIAL ADMINISTRATORS’ (“JSAs”) PROPOSALS / MEETING OF CLIENTS & CREDITORS

The JSAs are pleased to confirm that their statement of proposals (“the Proposals”), setting out the way in which it is proposed that the statutory objectives of the special administration will be achieved, are now available for download. For the avoidance of doubt, details of how the Proposals can be accessed have also been circulated by way of post, to all known creditors and clients of the Company.

Full details surrounding the immediate next steps, including but not limited to the upcoming meeting of creditors and clients (“the Meeting”), scheduled for 2nd September 2021, can be found within the relevant documents located under the Proposals tab (right).

Should you have any queries in relation to the Proposals or indeed the Meeting, please contact us at dolfin@smithandwilliamson.com with Subject: Proposals/Meeting Query.

UPDATE 10/08/2021 – CLIENT TRANSFERS TO BRITANNIA

With reference to the recent communications sent to eligible clients, unless you have previously agreed otherwise with the Joint Special Administrators in writing, the window to submit forms to instruct either an early transfer or opt out of the proposed transfer to Britannia has now expired (being 9 August 2021).

The Joint Special Administrators are now in the process of facilitating the transfers of client custody assets and client money to Britannia for clients who did not opt out of the transfer. There is a large quantity of client custody assets to transfer, and some of these are more difficult to transfer than others. The Joint Special Administrators can assure all clients who are transferring to Britannia that we are continuing to work closely with them, and the relevant custodians, to ensure that all transfers are effected as quickly as possible.

You will in due course receive confirmation from Britannia that your account has been opened and you will be able to access your client custody assets and client money at Britannia. We thank you for your patience whilst these transactions are being processed.

Clients not transferring

For clients who have opted out of the transfer or who were not eligible to transfer to Britannia, further details will be provided in due course. In the meantime, your assets remain under the control of the Joint Special Administrators.

UPDATE 12/07/2021

We are pleased to confirm that the JSAs and Britannia Global Markets Limited (“Britannia”) have agreed terms for the transfer of certain client agreements to Britannia.

All clients affected by this transfer have been written to by email and a copy of the letter can be found here. Should any clients have questions concerning the transfer, please refer to the contact details below:

  Email Telephone Website
Dolfin Dolfin.Transfers@smithandwilliamson.com +44 20 3763 8597 www. smithandwilliamson.com/
dolfin-financial
Britannia dolfincustomer@britannia.com +44 20 3196 5322 www.britannia.com

Clients not included in the transfer have also been written to by email and a copy of their letter can be found here

UPDATE 05/07/2021

We are pleased to confirm that, following our appointment on 30 June 2021, the Joint Special Administrators (“JSAs”) and Britannia Global Markets Limited (“Britannia”) have today signed an agreement for the sale of certain assets of Dolfin. The agreement will include the transfer of certain Dolfin client agreements to Britannia.

Further details (albeit limited at this stage) can be found in the attached announcement which has been sent to all clients.

Background

Dolfin is an independent wealth management firm providing investment management, investment advisory, execution-only and custody services to a broad range of clients. As at the date of Special Administration, the Company employed circa 30 staff and had circa 500 clients with underlying client monies of c£120m and custody assets of c£1.28bn. Please note that the Company did not provide advice in relation to ISA and pension products.

You may be aware that, on 12 March 2021, the Financial Conduct Authority (“FCA”) imposed restrictions on Dolfin’s ability to conduct regulated activities.  Since this date, the Dolfin Board have been exploring all available options to fulfil their legal and regulatory obligations to establish an orderly wind down of Dolfin’s business and, subject to consent from the FCA, and to seek to undertake a transfer of client’s monies and assets to a new provider, if appropriate.

In early June 2021, due to a reassessment of the Company’s financial position in the light of progress with its wind down plan, the Dolfin Board concluded that the wind down could not be undertaken outside of a formal insolvency process.  Accordingly, and following professional advice, the Dolfin Board resolved to place Dolfin into Special Administration. 

Application was made to the Court for a special administration order on 22 June 2021. The order was granted by the Court on 30th June 2021 and we, being Adam Henry Stephens and Kevin Ley, were appointed JSAs.

Possible transfer to a new provider

Concurrent with the above work the Company has been to seeking to find a suitable successor service provider, and much work has been undertaken in the prior weeks in that regard. The JSAs are continuing to hold detailed discussions with the intended acquirer with a view to finalising the terms of any transfer. 

Further updates will be provided as soon as reasonably practicable, and this website will be updated accordingly.

The special administration regime

A key priority for the JSAs is now to identify, protect and in due course return client money and custody assets to clients in accordance with their interests to the fullest extent possible.  Please see the separate frequently asked questions document for further information on the special administration process.

Contact details

The Special Administrators have a dedicated telephone, website and email address for affected parties. Please note that telephone lines may be busy and you may not be able to speak to anyone.  These are:

  • Telephone: 020 3763 8597
    The phone lines may be busy, so we suggest visiting this website for updates
  • Email: Dolfin@smithandwilliamson.com
  • Website: Please continue to visit this website and look for updates including a Frequently Asked Questions document.

Uncertainty

We recognize that the present circumstances can understandably cause uncertainty.  We thank you in advance for your patience and understanding.  Thank you.

For all press related queries please contact Mark Gee on 0207 131 4597.

Smith & Williamson LLP

The affairs, business and property of Dolfin Financial (UK) Limited  (‘the Company’) are being managed by the joint special administrators Adam Henry Stephens and Kevin Ley of Smith & Williamson LLP.  They act as agents of the Company and without personal liability. Adam Henry Stephens and Kevin Ley are licensed as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales. 

Dolfin Financial (UK) Limited is incorporated in England and Wales under the Companies Act 2006 with registered number 07431519. The Company is authorised and regulated by the Financial Conduct Authority with FRN 552894. Registered office: 25 Moorgate, London, EC2R 6AY.  The Fair Processing Notice in relation to the General Data Protection Regulation can be accessed at www.smithandwilliamson.com/rrsgdpr Should you wish to be supplied with a hard copy, free of charge, please contact Smith & Williamson’s offices.

The word partner is used to refer to a member of Smith & Williamson LLP.  A list of members is available at the registered office
Registered in England at 25 Moorgate, London EC2R 6AY No OC369631
Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities
A member of Nexia International, a worldwide network of independent accounting firms

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