According to accountancy group, UHY Hacker Young, which was tasked with winding up the failed company, the estimated shortfall to clients totals £5.2m (€8m, $7.4m).
Of this, £3.2m constitutes eligible claims to the Financial Services Compensation Scheme (FSCS).
Up until 2 June 2015, around £2.3m had been paid back to investors.
UHY Hacker Young also said there were £764,000 in claims left outstanding on this date, of which £551,000 was due to individuals not yet submitting their claims to the FSCS.
Insufficient liquidity
The shortfall in client accounts was brought to the attention of the FCA in December 2013 by London-based Hartmann Capital, which citied a £1.5m shortfall in its £25m client holdings.
The FCA subsequently issued a notice which said the company must stop conducting any business involving any regulated activities involving client money, except to allow for the settlement of certain transactions being settled at the time of the announcement.
In a letter recently sent to investors, the FSCS make it clear that the compensation only covers actual losses and not “future or hypothetical losses”.
Frustrated and concerned
On 3 January 2014 a special administration order was granted by the High Court of Justice to wind up Hartmann Capital.
A notice to clients was published on the investment firm’s website on 24 December 2013: “We appreciate that you will be frustrated and concerned by the lack of information available to you from the company and the implications for you.
“The company is currently unable to meet its financial resource requirement as established by the Financial Conduct Authority and has insufficient operational liquidity.”
