Novus Black Fund UK Ltd and Bespoke UK Capital Ltd
Refundee may be able to help people who invested in Novus Black Fund UK (‘Novus Black’) Limited or Bespoke UK Capital Ltd (‘Bespoke’) (together, the ‘funds’) to recover their money.
We will do this by enforcing people’s rights at the Financial Services Compensation Scheme (FSCS).
We are limited in the information we can provide but the decline of funds came to light when the FCA imposed restrictions on the funds taking on new business on 6 September 2024.
The FCA has now posted on their website to say that they have written to investors in the funds with what is effectively a holding letter.
What happened with Novus Black, Bespoke and MCI?
The funds were required to have an ‘Alternative Investment Fund Manager’ (AIFM) that was responsible for managing and ensuring regulatory compliance of the funds. Both Novus Black and Bespoke appointed MCI Global Investment Advisors Ltd (‘MCI’), who are regulated by the FCA, to carry out this function.
While the funds were responsible for raising capital from investors and investing it, MCI was responsible for implementing appropriate risk management, compliance and governance policies and procedures. Any traders engaged by the funds would also have been required to be personally authorised by the FCA.
It appears that use of unauthorised traders by the funds may have resulted in significant losses for investors, losses which in turn were not reported by MCI in the way that they should have been.
Insolvency Service press releases
There are two press releases from the Insolvency Service that those who have lost money in the funds may find interesting to read.
The first concerns Desmond Amey, a former director of Novus Black Ltd: 'Cryptocurrency advice firm shut down after investors lost money and director failed to keep proper accounts' relates to the closure by the Insolvency Service of Desmond Amey's company, Amey Finance Academy Ltd. Mark George, Chief Investigator at the Insolvency Service, said: that "Desmond Amey used Amey Finance Academy to recklessly persuade individuals to invest in cryptocurrency schemes and mislead them about the risks of doing so". Amey was a director of Novus Black Ltd for two separate periods between 1st February 2022 and 18th August 2022.
The second concerns Suzanne Harley-Davies, who appears to be Novus Black's legal counsel: 'Companies promoting ‘corporate rescue’ scheme shut down after undermining insolvency regime' makes reference to Suzanne Harley-Davies in her role of director of Namare GRP Ltd and TPG GRP Ltd. These companies appear to be involved in actions which Mark George, Chief Investigator at the Insolvency Service, said "would appear to have deliberately undermined the insolvency regime which is why the Secretary of State applied to have them and their associated companies wound-up in the public interest". Ms Harley-Davies describes herself as a legal counsel and a solicitor. However, we have been unable to locate her on the Solicitors Regulation Authority register which is 'the definitive impartial source of information about the law firms and people regulated by the Solicitors Regulation Authority'.
Can Refundee get my money back through the FSCS?
On 23 October 2024, MCI Global Investments Advisors Limited entered into Creditors Voluntary Liquidation (MCI Global Investment Advisors Limited enters liquidation | FCA). Investigations are ongoing by the FCA who are liaising closely with the appointed liquidator.
While we await the outcome of these investigations, we think it is likely that MCI may have failed in one or more of its overall governance obligations.
If this is the case, then investors in the funds may be eligible to make a claim under the Financial Services Compensation Scheme (FSCS) against MCI up to a maximum of £85,000 per person.
Refundee would like to assist investors in the funds with exploring these FSCS claims.
How would the process work?
Using Refundee, we manage everything for you. We start with an investigation to understand what happened in your specific circumstances. Then after some paperwork, we manage your case from the beginning to the end.
It is currently unclear how long the cases will take, but previous FSCS cases have taken more then 12 months.
Who are Refundee?
Refundee are specialists at what we do and you can read about what our previous customers have said about us on Trustpilot.
Here are the technical bits:
Refundee Ltd is a claims management company authorised and regulated by the Financial Conduct Authority in respect of regulated claims management activity FRN: 937096.
Registered with the Information Commissioner's Office; registration number: A8986071.
Registered office address: Refundee, 3rd Floor, 86-90 Paul Street, London, EC2A 4NE.
Registered as a company in England & Wales; number: 12855931.
We are co-founded by Stuart McFadden and William Ayles
