Those affected have been told to get in touch as soon as possible with the Channel Islands financial ombudsman Douglas Melville.
Speaking to International Adviser, Melville said: “We’ve already been contacted by a number of individuals.
“Any investors who were sold Providence funds should contact our office as soon as possible so that we can review their complaint. This is a complex situation and the appropriate route each investor should take may vary depending upon their individual circumstances.
“If the investor complaint is not a matter that falls within our mandate as set by law, we will direct investors to the appropriate agency as appropriate.”
“In the meantime, it is important that the relevant regulators have an opportunity to complete their work before questions of possible redress for investors can be answered.”
In a statement, the Jersey Financial Services Commission said it was “aware of the Royal Court hearing on Tuesday 4 October 2016 regarding the winding up of Lumiere Wealth Limited and the application to appoint Andy Isham and Alex Adam of Deliotte LLP as Joint Liquidators.
“The JFSC’s investigation into the activities of Lumiere Wealth Limited is on-going, and so no further statement will nor can be made at this stage, although the JFSC will keep this under review in light of any future developments.”
Lumiere Wealth, which has operated from offices on the island’s Castle Quay since last year, promoted Providence Investment Funds PCC, a Guernsey-registered fund offering investors returns from a Brazilian financing operation.
It has been under investigation since August by the Jersey Financial Services Commission, which is working closely with its Guernsey counterpart and in parallel with US regulators against wound-up financial services firm Providence Global.
This followed the Royal Court of Guernsey appointing Deloitte as administration managers to Providence Investment Funds and its manager Providence Investment Management International Ltd (Pimil), which are also part of the Providence Global Group, after all of the directors of both companies resigned.
The founder and managing director of Lumiere Wealth, Chris Byrne, left the IFA firm in June “due to ill health”, the company said when contacted by International Adviser at that time.
Clients of Lumiere Wealth who have complaints with respect to any other investments made through Lumiere Wealth are also advised by the ombudsman to contact his office at the earliest opportunity.
The Channel Islands Financial Ombudsman can be contacted at:
enquiries@ci-fo.org or Telephone: +44 (0)1534 748610
