The Financial Services Compensation Scheme opened its claims service for Bullseye Financial Ltd on 27 October, four days after the investment firm entered administration. The FSCS expressly classifies the firm as under investigation. Customers may file a free claim now; the scheme says those submissions will not immediately enter normal assessment while it determines which claims meet the conditions for compensation. Opening the portal therefore does not establish an entitlement or an amount payable.[1]
Bullseye, FCA reference 939395, provided discretionary investment management to professional investors and execution-only dealing to clients advised by HDH Investment Services. It had agreed in March to stop further regulated activity under a voluntary requirement. The FCA says it remains authorised while in administration.[2]
Different routes for the same customer
The FSCS says an investor who relied on advice from HDH, which the FCA says entered liquidation in April, may need to submit a separate claim against that firm. Advice-related loss, an investment management problem and missing client assets can involve different defendants, legal duties and evidence. A complaint to the Financial Ombudsman Service does not automatically substitute for an FSCS claim; the FSCS says transferred complaint files may reduce duplicate evidence requests, but an application is still necessary.[1][2]
Where the claim goes
| Point | Documented position | Practical interpretation |
|---|---|---|
| Bullseye claim | FSCS application portal now open | Eligibility and claim merits are still being investigatedSource 1Source 2 |
| Possible HDH advice claim | Separate HDH submission may be relevant | Do not assume the broker and adviser share one claim identitySource 1Source 2 |
| Administration | Joint administrators control the company | Assets, creditors and customer treatment are handled through insolvency processesSource 1Source 2 |
| Ombudsman file | May transfer with permission | An FSCS application remains necessarySource 1Source 2 |
The joint administrators are Robert Young of Azets Holdings and Matthew Haw of RSM UK Restructuring Advisory. They are responsible for the administration; the FCA continues to supervise the authorised firm but does not supervise the administrators in their insolvency roles. Investors should use the administrator or regulator contact details published on official pages, rather than responding to unsolicited recovery offers.[2]
Submitting an FSCS claim is free. The scheme says transferred Financial Ombudsman files can be used with the customer’s permission, but the investor must still apply. Official administrator and regulator pages provide the contact routes; unsolicited offers to recover money for an upfront payment should not be mistaken for those processes.[1][2]
Sources & further reading
- Bullseye Financial Ltd: Under investigation and claims open FSCS · 27 Oct 2026 · Accessed 30 Oct 2026
- Bullseye Financial Ltd enters administration Financial Conduct Authority · 27 Oct 2026 · Accessed 30 Oct 2026