FAQs – UPDATED 9 June 2026
IMPORTANT NOTICE This document was initially compiled with information available to the Joint Special Administrators as at 16 January 2026. This version of FAQs was updated on 9 June 2026.
Updates are being provided as further information becomes known, therefore, please monitor this site for the latest position. All capitalised terms in this notice are defined in the abbreviations and definitions section on page 4 of the JSA’s Proposals.
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Content:
- A. General FAQ
- A1. First meeting of Clients and Creditors
- A2. First meeting of Creditors’ Committee.
- A3. Creditors Committee members
- B. Client Assets held under Client Assets Sourcebook (“CASS”)
- B1. Client Money
- B2. Client Securities and other assets
- C. Hardship cases
- D. Suppliers
- E. Redress claims
- F. Contacts
Please click on the individual arrows below to see the answers for each question.
A. General FAQs
Special Administration is an insolvency process which applies to situations where investment firms (which hold client money and custody assets) fail. It aims to ensure money is returned to clients as soon as practicable and acts in the best interest of those who are owed money.
The JSAs will manage the affairs, business and property of the Company for the duration of the Special Administration, and will pursue the following statutory Special Administration objectives:
- to ensure the return of client money and custody assets as soon as reasonably practicable;
- to ensure the timely engagement of market infrastructure bodies and Authorities; and
- to either rescue the business as a going concern (or wind it up in the best interests of the creditors if this is not possible).
Alexander Watkins and Edward Boyle of Interpath Ltd were appointed as Joint Special Administrators of Logic Investments Limited (“Logic” or “Company”) on 16 January 2026. On 31 May 2026, Edward Boyle resigned as Joint Special Administrator upon his retirement as an Insolvency Practitioner.
Subsequently, Joshua Dwyer of Interpath Ltd was appointed as Joint Special Administrator on 5 June 2026, pursuant to an order of the High Court of Justice in London.
Alexander Watkins and Joshua Dwyer are Logic’s Joint Special Administrators (“JSAs”).
Logic is an FCA approved firm with permissions to provide safekeeping of client money and client assets along with having dealing permissions for retail and professional clients and eligible counterparties. Logic provided services through Model A, Model B and direct clients offering.
- Model A: Logic’s contractual client is an introducing firm or intermediary (generally FCA regulated), and the underlying customer was not deemed a direct client of the Company. Logic typically had minimal or no direct interaction with the end client.
- Model B: The end customer is deemed a direct client of Logic for custody and execution, even though an FCA-regulated intermediary firm introduces them and provides additional regulated services (such as investment advice or discretionary management). Both Logic and the intermediary have parallel regulatory responsibilities toward the same end customer.
- In addition, the Company had a small pool of direct retail clients providing custody and execution services.
If you are a client of the Model A offering, please contact your fund manager or financial institution which has been provided with the relevant information by the JSAs.
Logic does not have sufficient funds to meet potential redress liabilities (compensation that may be due to clients) and continue operating in a normal way. The major shareholders indicated they were not willing to provide funding to cover potential redress liabilities, which are uncertain in size and timing. Without that support, and given Logic’s financial position, the Board resolved that entering Special Administration is the responsible course of action.
The Joint Special Administrators are working with the Company to achieve the statutory Objectives of the Special Administration.
In the first instance, the JSAs carried out an independent assessment and reconciliation of the Client Assets held by Logic as at the date of our appointment on 16 January 2026 with the assistance of Square 4, a specialist regulatory consultancy. In early June 2026, this work was completed and revised Client Statements were issued to all Clients reflecting their updated Client Asset position as at 16 January.
These statements were prepared using Logic’s available records and information obtained from relevant third parties, including the release of transactions previously withheld by Logic’s custodian, and were subject to independent verification procedures. They update the information contained in the Client Statement issued on 5 March 2026 previously provided to Clients for the purposes of voting on the JSAs’ Proposals.
The JSAs continue to segregate and reconcile Client Assets following their appointment. Clients have also been provided with updated Client Statements for the period 17 January 2026 to 22 May 2026.
Corporate Action Income has continued to be processed and reconciled on a daily basis and remains subject to independent verification.
During the course of the Special Administration, the JSAs have implemented a pause on:
- ongoing dealing and trading activities;
- cash withdrawal requests; and
- transfer requests.
This pause is necessary to limit new transactions or movements that could delay the completion of the reconciliations and, consequently, the transfer of Client Assets, which is our statutory Objective 1 of the Special Administration.
In order to achieve a transfer of Client Assets, a marketing process was commenced in March 2026 identify a suitable Nominated Broker. To date, a number of indicative offers have been received from various parties, which are currently under review and will be discussed with the regulators. Clients will be notified once a suitable Nominated Broker(s) has been identified.
Any Title Transfer Collateral Arrangement (“TTCA”) Accounts you may have with the Company are also frozen as at 16 January 2026. All orders on TTCA statements will cease to be accepted. We are currently not aware of any TTCA.
The JSAs consider that the quickest and most cost-effective way for Client Assets to be returned to Clients is by way of a transfer to a single new Nominated Broker, regulated by the FCA. If no single Nominated Broker is identified, multiple Nominated Brokers will be considered.
A wide marketing process was commenced in March 2026 identify a suitable Nominated Broker. To date, a number of indicative offers have been received from various parties, which are currently under review and will be discussed with the regulators. Clients will be notified once a suitable Nominated Broker(s) has been identified.
Yes, the JSAs are in regular contact with the FCA, and the FCA consented to the JSAs being appointed. Please follow this link for the FCA’s FAQ page is www.fca.org.uk/news/news-stories/logic-investments-ltd-special-administration.
Yes, the JSAs are in contact with FOS.
Following discussions held with FOS, the Joint Special Administrators understand that the FOS will no longer consider complaints against Logic.
We are aware that some Clients have submitted redress claims to Logic and referred these to the Financial Ombudsman Service. The FOS has informed those existing customers that they can’t investigate complaints any further and explained that clients should contact the JSAs to log their redress claim and keep up to date with the Financial Services Compensation Scheme’s (“FSCS”) position on claims.
If you are a client with a redress claim, you may be able to submit a claim to FSCS in due course. FSCS is currently not open to claims but if and when it opens to claims, and to assist, we will provide FSCS with any information they require about Client redress claims logged by the JSAs.
At this stage, the JSAs and FSCS are prioritising matters concerning the Special Administration statutory Objective 1, i.e. the return of Client Assets to Clients. For further updates regarding Logic from FSCS please refer to their dedicated page at: www.fscs.org.uk/making-a-claim/failed-firms/logic-investments/
Yes.
On 15 April 2026, FSCS declared Logic to be in default as at the date it entered Special Administration on 16 January 2026, having determined that there are likely to be valid claims against the Company. The FSCS determination papers are available on its website: https://www.fscs.org.uk/making-a-claim/failed-firms/logic-investments/
The JSAs are working closely with FSCS to ensure Clients’ interests are protected and that eligibility for compensation is appropriately assessed.
FSCS has agreed to fund the cost of the Special Administration in respect of eligible claimants relating to the distribution of Client money and Custody Assets, whether via a transfer to a Nominated Broker or by other means. This funding is subject to FSCS compensation limits of £85,000 per eligible claimant and supports the JSAs in pursuing an accelerated transfer strategy to a Nominated Broker.
FSCS has also been liaising with the JSAs in respect of Unsecured Creditor claims by Clients, including claims previously referred to the Financial Ombudsman Service. These investigations are ongoing and the FSCS will provide further updates in due course.
FSCS will cover Client Money and Custody Asset shortfalls (including the costs associated with distributing clients’ assets back to clients) for FSCS eligible claimants, and any other protected claims against the Company, up to a total of £85,000.
FSCS is also a member of the Creditors’ Committee.
The JSAs are working with the FSCS in the collation of data to enable FSCS to determine which Clients of Logic are eligible for FSCS compensation.
Clients classified as non-individuals have received an FSCS eligibility claim form to enable the JSAs to collate the appropriate information. We encourage these Clients to complete their forms urgently to enable the FSCS to determine your eligibility for compensation for any shortfall resulting, for example, in respect of the allocation of costs by the JSAs for the transfer of Clients Assets to a Nominated Broker If you are a corporation or a non-individual Client of the Company.
If you are a corporation or a non-individual Client of the Company and have not received the FSCS eligibility form for you to complete, please get in touch urgently with the JSAs using our contact information.
A further update will be provided by the JSA’s when FSCS have completed their review process.
We will regularly update the Company’s website (www.logicinvestments.co.uk) with further information on the special administration process. Should you still have further queries, you can contact the JSAs by sending an email to the contact details at the end of this FAQ.
A1. First meeting of Clients and Creditors
- that the Joint Special Administrators’ Proposals be approved; and
- that a Creditors’ Committee be established.
A2. First meeting of Creditors' Committee
Pursuant to the second resolution being approved, being the formation of a Creditors’ Committee, the first meeting of the Committee was convened on 29 April 2026, with all five appointed representatives in attendance. The duties of the Committee representatives are to:
- act as a consultative group, working alongside the Special Administrators throughout the Special Administration;
- represent the interests of all Clients and Creditors, rather than their own interests;
- approve the terms of a Distribution Plan (should such be necessary) prior to obtaining Court sanction; and
- agree the basis and quantum of the Special Administrators’ remuneration.
Accordingly, the establishment of the Creditors’ Committee provides a structured framework for oversight and engagement throughout the Special Administration, ensuring that the interests of Clients and Creditors are appropriately represented and that key decisions are subject to informed consultation and approval.
A3. Creditors’ Committee members
- Clarmond Wealth Ltd – Christopher Andrew
- Custodian Life Ltd (in liquidation) – Benjamin Wylie
- Financial Services Compensation Scheme – Guy Enright
- Gravitas Finance LLC – Craig Wetton
- International Assurance Limited PCC – Richard Robinson
B. Client Assets held under Client Assets Sourcebook (“CASS”)
Client Assets are assets that are subject to the FCA’s CASS regulations and consist of Client Money and Custody Assets. Under CASS rules, Client Assets are kept separately from the Company’s own assets and are ring fenced in the event of the Company’s failure.
Yes.
Client Assets have been segregated in accordance with CASS rules.
Yes.
Information reviewed to 22 May 2026 indicate that there are no shortfalls in the Client Assets. This may change if new information is received, such as Clients claiming for more money that the books and records are currently showing.
A reconciliation of Client Assets is necessary to ensure that correct balances and holdings are protected and, at the appropriate time, transferred to another broker. Whilst the JSAs have completed the reconciliation at 16 January 2026, post appointment reconciliations are ongoing and the JSAs have paused all:
- ongoing dealing and trading activities;
- cash withdrawals; and
- Client Assets transfers requests.
This remains necessary to limit the number of transactions and movements which may cause a delay to the completion of the ongoing reconciliations and consequently to the transfer.
The JSAs are not currently able to provide an exact timescale for the length of the pause period and the completion of a transfer. If you are experiencing hardship, please see section C.
The JSAs consider that the quickest and most effective way to return Client Assets is by way of a transfer to a single broker regulated by the FCA. A marketing process has been commenced in March 2026 to enable to identify a suitable Nominated Broker capable of accepting a transfer of all Client Assets, thereby seeking to avoid a potentially lengthy statutory court process where possible.
If such a transfer is not achievable, we will prepare a formal Distribution Plan (court‑approved). In that scenario, the earliest anticipated timing for most returns would be towards the end of 2026.
There will inevitably be costs associated with the returning of Client Assets and Logic is not expected to have a surplus in the client money or custody asset pools to pay for this. In line with the law, administration costs may need to be taken from Client Money and Custody Assets creating a shortfall.
FSCS is actively working with the JSAs to assess eligibility and expects to compensate eligible clients for any shortfalls up to £85,000. We will provide an update on eligible clients’ eligibility for FSCS compensation as soon as we are able to do so which could result in FSCS covering shortfalls for eligible clients.
Clients who do not fulfil FSCS eligibility criteria will not be entitled to receive FSCS compensation and will, regrettably, face a deduction of costs for the return of their client money and assets.
Clients classified as non-individuals have been issued with an FSCS eligibility claim form to enable the Joint Special Administrators to gather the information required for assessment. Such clients are encouraged to complete and return these forms as soon as possible. If you are a corporate or non-individual client and have not received an FSCS eligibility form, please contact the Joint Special Administrators using the details provided.
We have commenced an intensive marketing process to identify a broker capable of supporting the JSAs with the return of Client Assets to Clients.
A number of indicative initial offers have been received from interested parties and are currently under review. The JSAs continue to diligence these offers and liaise with the FCA with respect to identifying a suitable Nominated Broker. Further updates will be provided as soon as possible in this regard.
Any parties interested in supporting this process are invited to contact the JSAs using the contact details in section F.
There will inevitably be costs associated with returning Client Assets and Logic does not have a surplus in the Client Money or Custody Asset pools to pay for this. In line with the law, special administration costs may therefore be deducted from Client Money and Custody Assets, thereby creating a shortfall. However, FSCS is working closely with the JSAs to determine Clients’ eligibility and expects to compensate eligible Clients for any shortfall created by the deduction of costs, subject to the compensation limit of £85,000 per claimant.
In a Transfer Out scenario, we anticipate the costs of returning Client Money and Custody Assets to be apportioned between Clients (or their underlying customers) in the following manner:
- Client Money: as a fixed percentage of the balance, depending on the Transfer programme adopted; and
- Custody Assets: as a flat fee of the valuation of securities held as at 16 January 2026, capped at the lower of the value of the Custody Assets held and the flat fee.
We will notify you of the exact cost allocation once the FSCS compensation eligibility criteria for all our Clients have been determined and a Nominated Broker selected.
Where a Client is eligible for FSCS compensation and suffers a shortfall (including any amounts applied towards the costs of returning Client Assets), FSCS will seek to compensate that Client, subject to the £85,000 limit. In most cases, Clients will not need to take any action, as compensation can be paid directly to the Joint Special Administrators.
The payment of these costs to the JSAs for eligible claimants will reduce the amount of compensation available for other types of claims to FSCS against Logic, as the maximum FSCS can pay is £85,000 per eligible claimant.
Clients classified as non-individuals should ensure that they have completed and returned the FSCS eligibility form. If you are a corporate or non-individual client and have not received this form, please contact the Joint Special Administrators using the details provided.Clients who do not fulfil FSCS eligibility criteria will not be entitled to receive FSCS compensation and will, regrettably, face a deduction of costs for the return of their Client Assets.
You can find more information about FSCS eligibility here: https://www.fscs.org.uk/making-a-claim/claims-process/eligibility-rules/
B1. Client Money
No, based on the information reviewed to 22 May 2026.
Under the FCA CASS rules, the entering of Logic into a Special Administration has created a Client Money Pooling event. This means all Client Money held by the firm on appointment is pooled into a single pool.
The Client Money Pool would need to be reconciled to the books and records of the Firm to determine if a shortfall exists, and the total claims against the Client Money Pool are to be established.
Each client will be entitled to a share of the Client Money Pool pro-rata in accordance with the amount of monies that the Firm should have held, less any costs incurred by the JSAs in returning these funds.
Costs incurred in transferring or distributing Client Money will be apportioned to each client in accordance with their proportionate share of the Client Money Pool funds held.
For example, on a purely illustrative basis, if costs are at 10 pence in the £ on client monies, then a client with a claim of £10,000 would receive a distribution of £9,000.
At this stage we cannot give an estimate of the likely costs of return, but we will provide an update in due course.
At this stage we cannot give an estimate of the likely costs of return, but we will provide an update in due course.
The JSAs are working as quickly as possible to identify a new broker so that Client Money can be returned as quickly as possible.
All Client Money received post the appointment of the JSAs will be held separately from the Client Money Pool in a designated trust account in accordance with CASS rules. This money will be reconciled and returned to clients in due course. We are currently not in a position to confirm when this will be, but further updates will be provided as soon as we are able to provide an indicative timeline
Yes.
In respect of the shortfall caused by the costs of distributing Client Money (and Custody Assets, see section B2 below), FSCS will step in and pay for these shortfalls up to the compensation limit of £85,000 where they have determined Clients are eligible for compensation.
B2. Custody Assets
We have completed the reconciliation and have not identified a shortfall in the Custody Assets held for clients with the information received to 22 May 2026.
As set out in our letter dated 10 February 2026 and Proposals, the prices and valuations provided for securities held in custody are as at 16 January 2026 and will not be updated going forward. This affects only the presentation of market prices and valuation figures; we continue to safeguard the underlying quantities of securities held in custody, in line with statutory duties.
Now the Client Assets reconciliation has been completed we are progressing as quickly as possible to identify a Nominated Broker so Custody Assets can be returned to Clients. We will continue to update these FAQs as and when key updates are possible.
Securities and other assets may be transferred to a new Nominated Broker or returned on a Client-by-Client basis, less costs associated with distributing those Custody Assets.
Each Client should have received an initial Client Statement which includes details of the Client Money and Custody Assets held within their portfolio as at 16 January 2026. Each Client Statement had been prepared based upon the Company’s records as at that date.
Now the reconciliation exercise has been completed, we have issued updated Client Statements as at 16 January 2026 which also include updated positions as at 22 May 2026. Once received, please review these statements to ensure you agree the balances provided.
While every effort is being made to ensure the accuracy and completeness of the statements, they are based on information available to us at the date of preparation. As such, the information may be incomplete, subject to ongoing review, or capable of further reconciliation. Accordingly, the balances and positions shown may be subject to change and may be amended if additional information, corrections, or discrepancies are identified at a later date.
We are working on providing consolidated tax statements to all clients for the financial year 2025/26 which were dependent on completion of the Client Assets reconciliation.
C. Hardship Cases
The JSAs are unable to release any Client Assets immediately.
The JSAs have developed a policy to facilitate the processing of hardship payments to people in serious financial difficulty, such as those struggling to pay rent, bills, food, medication, or urgent costs linked to health issues or bereavement.
If the current situation is causing you immediate financial hardship and you wish to make a hardship claim, please make the JSAs aware of your circumstances using the contact information provided in Section F.
Hardship payments are allowed by FSCS so eligible people don’t have to wait for their Client Money to be returned. To receive a hardship payment, eligible claimants must agree to transfer their rights to FSCS at the point FSCS pays the Special Administration costs on your behalf. This lets FSCS claim that money back from the administration later (called subrogation). No hardship payment will be made unless the claimant agrees to this. This process helps FSCS recover money where possible.
If you are a client of a Model A client that is experiencing immediate financial hardship, please get in touch with your usual contact at your fund manager or financial institution who has been provided with the relevant information by the JSAs.
Please note that there may be tax implications for Clients, even when requesting funds in a hardship situation. Clients should seek their own professional tax advice to this regard. Neither the JSAs nor any of their advisors are able to provide such tax advice.
FSCS is the compensation scheme for clients of failed UK authorised financial services firms. While the purpose of FSCS is mainly to help private individuals, there are other categories of client that FSCS may be able to protect, including smaller businesses.
FSCS will cover Client Money and Custody Asset shortfalls (including the costs associated with distributing clients’ assets back to clients) for FSCS eligible claimants, and any other protected claims against the Company, up to a total of £85,000.
The JSAs will work with the Company and FSCS to determine whether there are eligible claimants and will provide an update to potentially eligible claimant in due course. No action is required by you at this stage in this regard. However, if the current situation is causing you immediate financial hardship, please make the JSAs aware of your circumstances using the contact information provided.
If you are a client of a Model A client that is experiencing immediate financial hardship, please get in touch with your usual contact at your fund manager or financial institution who has been provided with the relevant information by the JSAs.
D. Suppliers
The JSAs have written to all known suppliers as per the Company’s books and records regarding any outstanding balances and to confirm whether their ongoing supply is required. Note, a key provision in the Regulations requires essential suppliers (broadly defined) to continue the provision of essential supplies to the Company where requested to do so by the JSAs.
E. Redress Claims
The JSAs are aware of certain complaints brought by clients against the Company in connection to certain assets held by clients. The JSAs will contact these clients in due course and invite them to submit claims. Such claims for redress will rank as unsecured claims in the House estate.
Note that there are unlikely to be any assets available to be distributed to Unsecured Creditors.
Should you wish to lodge a redress claim, please download a proof of debt form available on this website and return it to the contact details provided. We will log and retain your details until it becomes clear whether these claims should be eligible once FSCS has finalised their review on client eligibility.
FSCS will investigate whether Clients with redress related claims or complaints against the Company may be protected under FSCS rules.
FSCS is not currently open to claims against the Company. However, when it opens to claims, Clients should make a claim to FSCS directly. At this stage, the JSAs and FSCS are prioritising matters concerning the Special Administration statutory objective one, i.e. the return of Client Assets to Clients.
FSCS cannot compensate for poor performance of an investment.
The JSAs will be liaising with FSCS in relation to any claim.
FSCS has set up a dedicated website for Clients here: https://www.fscs.org.uk/logic-investments.
You should proceed with caution if you are approached by a claims management company (“CMC”). For most Clients there is no benefit in involving a third party in reclaiming your assets. Please be assured that, to the fullest extent possible, the Special Administration will be conducted in a client friendly manner. Support is available to all clients and further information on the Special Administration should be sought in the first instance from us using the details in section F.
If you use a CMC to assist in the return of your assets, the CMC is likely to seek a fee which may reduce what you get back. All Clients should remain alert to the possibility of fraud and scams – please see the relevant Scams page on this website for more information.
F. Contact Details
Contact details
We request you monitor our website for further information, which we will provide as it becomes available.
Website: www.logicinvestments.co.uk
By post: Logic Investments Limited (in special administration), c/o Interpath Advisory, 130 St Vincent Street, Glasgow, G2 5HF
Via email: Please continue to use the contact form on www.logicinvestments.co.uk to get in touch with the business or email us admin@logicinvestments.co.uk
The JSAs can also be contacted using the following address for clients or creditors:
Data Protection
When submitting details in the special administration, you may disclose personal data to us. The processing of personal data is regulated in the UK by the General Data Protection Regulation EU 2016/679 as supplemented by the Data Protection Act 2018, together with other laws which relate to privacy and electronic communications.
We act as Data Controller in respect of personal data we obtain in relation to this special administration and are therefore responsible for complying with Data Protection Law in respect of any personal data we process. Our privacy notice can be found at www.interpath.com/policies-and-regulatory-information/uk/privacy-insolvency and explains how we process your personal data. Terms used in this clause bear the same meanings as are ascribed to them in Data Protection Law.
Insolvency practitioners at Interpath are bound by the Insolvency Code of Ethics when carrying out all professional work relating to an insolvency appointment.