Essex financial adviser firm Kapwealth Ltd (formerly Titan Investment Partners Ltd) has been declared in default by the Financial Services Compensation Scheme.
The firm (FRN 590782) was based in Woodford Green, Essex, and was involved in pensions and investment advice. It used 11 names in its 13 year history.
The FSCS said the firm was declared in default this week after the first claim was upheld. There is one other claim in progress. The claims are pensions and investments related, the FSCS said.
Kapwealth Ltd also traded recently as Mitto Markets.
A default declaration by the FSCS, the industry levy-funded safety net, is usually made when a firm is unable to meet all the claims against it. It opens the door to ex-customers to claim up to £85,000 per successful claim.
Kapwealth Ltd is no longer trading and went into creditors’ voluntary liquidation recently. Liquidators are now dealing with the firm’s failure. Some funds are believed to be available for creditors.
FCA records show the firm ceased to be authorised after 15 December.
FCA records also show that the firm had more than 30 regulated individuals working for it, including 15 CF1 directors, the most senior director level.
Kapwealth CF1 directors included Nina Louise Bailey Phinn, Richard Charles Craddock, Richard Stephen Jennings, Angus Dent and David James Wood
The firm used 11 trading names in its history since 2013, when it became regulated, including Monument Wealth, Peregrine & Black Investment Management, Peregrine & Black Asset Management, Titan Asset Management Solutions, Titan Investment Partners Limited, Alphaseeker Investment Management, Monument FX and others.
The firm has no connection to the London-based national IFA firm Titan Wealth.