Q: Can we accept a “Yes” response from an IFA on behalf of their client(s), to agree to Stellar completing the Client Assets Claim form on their behalf?
A: No, unfortunately we cannot, the confirmation must come from the investor(s) themselves.
Q: Will client be able to access the Client Assets Claim Form if they respond “Yes”, to Stellar and can they comment before submission?
A: Yes, they will see the Client Assets Claim Form and should only respond once in sight of the Client Assets Claim Form.
Q: Will IFAs receive the Client Assets Statement from the JSAs (BDO)?
A: Advisers will not receive the Client Assets Statement from the JSAs (BDO), but Stellar can arrange a summary of this on request.
Q: Will the Client Asset Statement show current valuation and how can investors access their money?
A: The Client Asset Statement will show what stocks and cash have been found by the JSA (BDO). It will not confirm how the investor can get their money. The distribution plan is still required to be approved by the court and then client assets transferred to our new custodian.
Q: What is the baseline for the valuation calculation?
A: It is not a valuation calculation that has been provided on the Client Asset Statement. It is a summary of stock and cash held on behalf of the investor(s). This summary is as of 6 April 2023 when BDO were appointed as JSA’s to WealthTek LLP and will highlight any shortfall in cash and stock holdings which will be eligible for a claim to the FSCS.
Q: Will advisers have access to these valuations? At present they are not on your portal.
A: The Client Asset Statement will show what stocks and cash have been found by BDO. We do not intend to add these documents to our portal, the Stellar Hub. Stellar can arrange a summary of Client Asset Statement(s) on request.
Q: Will these figures be the final net valuations following the work of the JSAs?
A: It is not a valuation calculation that has been provided on the Client Asset Statement. It is a summary of stock and cash held on behalf of the investor(s). This summary is as of 6 April 2023 when BDO were appointed as JSA’s to WealthTek LLP and will highlight any shortfall in cash and stock holdings which will be eligible for a claim to the FSCS.
Q: If an investor wishes to encash or transfer their AIM portfolios, will the figures quoted on the Client Asset Statement, be the actual amounts they will receive?
A: No. When the distribution plan is signed off by the court, the stocks and cash will be transferred to our new custodian.
Q: What is the process for investors who want to answer “No” to Stellar completing their Client Assets Claim Form and retain their rights to FSCS?
A: Investors can choose “No” and feed this back directly to the JSAs (BDO) on their rights. Contact information is as follows: wealthtekclients@bdo.co.uk , 0113 521 4470 or 0151 351 4700. We are not relinquishing investors rights to the FSCS, but rather being the conduit, offering support and making the process as efficient as possible. We will be pursuing the FSCS claim on investors behalf, of all those who say “Yes”.