UK-based financial advisory firm Copia Wealth Management has been declared in liquidation by the Financial Conduct Authority (FCA).
The company’s only director, Floyd Paterson, named Manchester-based Crawfords Accountants as liquidator, with Alex Kachani leading the process.
Copia used to provide independent financial advice and acted as an Isa manager, the FCA said.
Complaints and claims against the firm are now open and can be placed with the Financial Services Compensation Scheme (FSCS).
Beware of fraud attempts
The regulator, however, warned Copia clients about the possibility of becoming a target for scammers.
“All customers should remain alert to the possibility of fraud,” the FCA said.
“If you are cold-called by someone claiming to be from Copia Wealth Management, Crawfords Accountants, or any other company claiming to be involved in or acting as a result of Copia’s liquidation, please end the call and call the liquidator back.”
The watchdog also advised clients that, if they wish to use a third party or a claims management company to try and retrieve some of their funds, they may incur in a “substantial fee” for their services.
It added that there is “no benefit” in relying on a third-party firm, as clients can make their claim directly to the FSCS and receive up to £85,000 ($111,043, €94,138) in compensation if eligible.
There have been no updates on the Copia Wealth Management’s Company House profile since September 2019, and, at the time of publication, the firm’s website had been taken down.
