UK broker Jarvis Investment Management enters special administration

Jarvis Investment Management Limited (FCA reference number 116413), a subsidiary of AIM-listed Jarvis Securities plc, entered special administration on 14 October 2026. Adam Stephens and Philip Hemming of S&W Partners LLP were appointed joint special administrators by order of the High Court of England and Wales under the Investment Bank Special Administration Regulations 2011, at 11:00 according to the administrators. The Financial Conduct Authority published a notice for clients on 15 October 2026, updated on 16 October. The parent company's announcement, dated 15 October, describes the appointment as taking place that day.

A failed wind-down after years of restrictions

On 16 September 2022, Jarvis agreed a voluntary requirement with the FCA, preventing it from carrying on certain activities without the regulator's consent. In July 2025, it sold its execution-only retail brokerage business to Interactive Investor Services Limited for up to £11 million, then began an orderly wind-down of its remaining operations. According to the administrators, that wind-down did not succeed: after unspecified "unforeseen events", the board concluded the company would soon be unable to meet its financial obligations. Jarvis Securities plc no longer controls the subsidiary and has become a cash shell under AIM Rule 15.

Who is affected after the 2025 sale

Clients moved to interactive investor in 2025 are not affected by the special administration. Most X-O.co.uk and ShareDeal Active accounts were part of that transfer in summer 2025. "Model B" accounts run through intermediaries, however, stayed with Jarvis.

Jarvis served direct clients using execution-only dealing online or by phone, and corporate clients such as brokers, advisers and wealth managers, for whose customers it provided custody and execution. Those underlying customers were also Jarvis clients. The number of affected clients and the value of assets held have not been disclosed.

Client money pooled, transfer targeted within eight weeks

The appointment triggered a Primary Pooling Event under the CASS rules: all client money held on that date forms a single Client Money Pool, which the administrators will reconcile against custody assets to establish each client's entitlement. Each client will receive a valuation and statement as at the date of administration, specifying whether the claim relates to client money or custody assets. Dividends, interest and coupons received afterwards are held in a separate Corporate Action Income account.

The administrators must write to clients by 9 December 2026 at the latest, explaining how they intend to return money and securities and how to submit a claim. They are in advanced talks with an unnamed FCA-regulated broker and hope to finalise due diligence and transfer terms within eight weeks of their appointment. No precise date for restored account access has been given.

Two redress schemes, open since 25 June 2026 and due to run until 23 December 2026, were closed by the insolvency. Unpaid amounts become unsecured claims, to be lodged with a proof of debt form, and the administrators are checking with the FSCS whether they can be compensated. How unsecured creditors may be paid has not been specified.

What it means for traders

Former X-O and ShareDeal Active users would mainly need to confirm that their transfer to interactive investor was completed. Customers of an adviser or wealth manager that used Jarvis for custody could be affected without any direct relationship, and that intermediary would be the first point of contact.

According to the FCA notice, if funds fall short, distribution costs, including administrators' fees, can be taken from client money or securities. For eligible claims, the FSCS can cover a shortfall in client assets and those costs up to £85,000, the investment protection limit. The £120,000 limit in force since 1 December 2025 applies to bank deposits. The administrators are already working with the FSCS to identify eligible clients, who do not need to file a claim themselves for now.

For ISAs, the process is meant to preserve the tax wrapper, in liaison with HMRC. SIPP investments must remain inside the pension wrapper, and the administrators will contact SIPP providers or trustees.

The FCA and the administrators warn about scams: nobody needs to pay a third party to have assets transferred or returned, and claims management firms promising faster recovery should be avoided. More broadly, clients of any UK broker can check on the FCA Register its authorisation, any recorded voluntary requirement and FSCS eligibility, and review how client money and custody assets are segregated under CASS rules.