Brightsource Financial Solutions – Update 5 October 2015

Security and Credit Wealth Management Limited

T/A Brightsource Financial Solutions – In Administration

 

UPDATE TO CLIENTS – 5 OCTOBER 2015

We refer to our previous updates regarding Security and Wealth Credit Management Limited t/a Brightsource Financial Solutions (‘the Company’) which were published on Harrisons’ website and designated Client / Creditor Log In portal on Friday 25 September and Friday 18 September 2015 and comment below on further progress to date.

SALE OF THE COMPANY’S CLIENT DATABASE

We are pleased to announce that that we have secured a sale of the Company’s Client Database to Refresh Debt Services Limited (‘Refresh’), which has an interim permission (Interim Permission No IP573566) from the Financial Conduct Authority (‘FCA’) to conduct debt counselling and debt adjusting business. The sale completed on Tuesday 29 September 2015. Further details regarding the marketing process and sale to Refresh will be disclosed in our proposals report which will be sent to all clients and creditors of the Company within eight weeks of the appointment date.

Clients of the Company will be contacted by Refresh over the course of the coming days.

Should you wish to contact Refresh, the relevant contact details are as follows: -

Telephone:        028 417 54200

E-Mail:              info@refreshdebt.co.uk

CLIENT ACCOUNT MONEY

Please be advised that the sale to Refresh did not include the transfer of the client monies which are held by the Company. Such client monies remain with the Administration estate to be reconciled against clients’ individual accounts.

Whilst we are aware that there is a shortfall in client account monies, at this time we are unable to comment on the actual quantum of such shortfall. We are obtaining and reviewing relevant information in order that a reconciliation exercise can be undertaken.

We appreciate that you will have concerns regarding the monies held by the Company on your behalf however we would refer you to our first update to Clients / Creditors which asks clients to resist the urge to telephone our office. Those members of Harrisons’ team answering the phone lines have no knowledge whatsoever of individual client positions and are unable to answer any specific queries regarding your individual accounts.

We thank you for your patience thus far and would ask that you continue to bear with us whilst we undertake our duties as Administrators of the Company. We would ask you to continue to monitor our website www.harrisons.uk.com/news where any further developments will be posted in this matter. As advised previously, our first report to Clients / Creditors is due to be circulated prior to 11 November 2015.

ENSURING COMPLIANCE WITH THE FCA

We have been requested to advise clients of the Money Advice Service, which is set up by the UK Government to provide free and impartial money advice. The link for the website is www.moneyadviceservice.org.uk/en.

Please note that it is your choice as to whether you wish to commence a debt management plan with Refresh or any other provider or deal with your own debt yourself.