Reyker Securities PLC ("Reyker") is one of the custodians that Gravitas uses for custody services.
Further to a statement published on the website of the UK Financial Conduct Authority (FCA) on 07 October 2019, we were advised that Reyker had been placed into special administration under the UK Investment Bank Special Administration Regulations 2011.
This has led to the restriction of the movement of any client money and assets from Reyker.
Currently Mark Ford, Adam Stephens & Henry Shinners of Smith& Williamson are appointed as Joint Special Administrators (JSAs) of Reyker.
The JSAs of Reyker held a meeting of all clients and creditors on 16th December 2019, which was attended by a director of Gravitas. It was advised at the meeting that the JSAs’ strategy, with the cooperation of the FCA, was to find a buyer for the business so that the restriction on the movement of Client money and client asset can removed as soon as possible. The expectation was to conclude a bid for the Reyker business in 2020.
The JSAs have now provided an update at 14 February 2020 to the clients and creditors of Reyker confirming that an offer for the Reyker’s business and assets has been accepted (subject to contract) which should facilitate the transfer of all Client Assets to a regulated broker.
The JSAs anticipate sending notice of a Bar Date (being a date by which Clients of Reyker must submit a claim in respect of their Client Money and Custody Assets through an online client portal) before the end of February 2020. Gravitas, as a client of Reyker, will complete all the necessary formalities in that respect as soon as the notice is received from the JSAs.
You can consult the JSAs dedicated webpage updating on Reyker matters, the link of which is as follows, for further details on the above:
Gravitas has been and will remain in regular contact with the JSAs and will of course continue to keep you updated of any developments regarding the above.
Whilst Gravitas continues to provide platform services as normal to its clients, using the custody services of its other service providers, you/your client may be impacted to proceed with trading activity or withdrawals from your account on the Gravitas platform as a result of the above.
This calculator is provided by Gravitas Finance LLC. And is intended solely for general information and guidance purposes. It is not intended in any way as financial, securities, insurance, tax or legal advice or services, or as a solicitation for any financial, securities, insurance, tax or legal product or service. The results of using this calculator may not be applicable or accurate with regard to your individual circumstances and cannot be relied upon to avoid penalties imposed by tax or other authorities. You should not take any action on the basis of the information provided through this calculator. Please consult with your financial, securities, insurance, tax and/or legal advisors for advice regarding your personal circumstances. You could lose money or fail to achieve your objectives by relying on this calculator.
Please note that the computations performed by this calculator are based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculator is intended to allow you to test those assumptions, since variations in assumptions, such as to future interest rates, investment returns or inflation, may significantly affect the results produced by the calculator. In entering your assumptions, you should keep in mind that higher rates of return generally involve a higher degree of risk, including the risk of loss of principal invested. Actual results or inputs may be higher or lower than the inputs used or results displayed in hypothetical calculations, and are likely to vary over time. In addition, the calculator does not take into account all of the factors that may be relevant to your decision-making.
Please also note that other information incorporated in the calculator or displayed in connection with the calculator may be based on historical or current data, but is not guaranteed to be accurate, complete or timely. Moreover, past performance does not indicate future results.
THIS FINANCIAL CALCULATOR IS PROVIDED "AS IS" AND ON AN "AS AVAILABLE" BASIS WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF SUITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. Gravitas Finance LLC assumes no duty to you by making this calculator available and shall not be responsible for any errors, omissions or defects in this calculator or the consequences of any decisions or actions taken in reliance upon this calculator. Gravitas Finance LLC shall not be liable under any circumstances for lost profits, lost business, loss of business reputation, or any direct, indirect, incidental, special, punitive or consequential damages of any kind, whether foreseeable or not, that result in any way from, or relate in any way to, your use, non-use or reliance on this calculator. Your sole and exclusive remedy for any claim related to this calculator is to stop using it.
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