A Manchester wealth management firm with £89m of assets under administration has appointed administrators.
LCM Family Ltd said its recent financial performance has been compounded by the sudden departure of key personnel and unaffordable professional indemnity insurance.
LCM, previously known as LCM Wealth Management Limited, is authorised by the FCA (Financial Conduct Authority) and provided financial advice and related investment services. LCM is also regulated by the Solicitors Regulation Authority (SRA).
On April 14, 2026, LCM agreed to a voluntary requirement with the FCA, restricting the activities it can undertake.
The FCA continues to supervise LCM and will work closely with the joint administrators.
On April 28, the LCM director placed the firm into administration. Louise Longley and Gary Shankland of BTG Begbies Traynor have been appointed as joint administrators.
Carl Lever
Carl Lever, a specialist in financial services sector restructuring and insolvency and director at BTG, will be managing the case alongside the joint administrators.
The firm acted as a full-service provider to approximately 300 individual clients across 50 family groups.
It provided financial, legal, tax and wealth management advice to its clients and was based in Spring Gardens in Manchester city centre.
The firm has now ceased to trade and the administrators will manage its orderly wind down.
Legal client files and monies were dealt with by the firm prior to the administration. LCM did not hold any assets in its custody on behalf of investor clients.
Third party custodians were used to hold assets for investor clients and those clients will be contacted directly by the relevant custodian with details on how they may access their assets or investments.
Eligible investor clients may have recourse to compensation from the Financial Sercices Compensation Scheme (FSCS).
The FSCS has set up a dedicated webpage for the firm and further information may be found at https://www.fscs.org.uk/making-a-claim/failed-firms/lcm-family
Carl Lever said: “At this early stage of our appointment, it is already clear that this is a complex case across highly regulated environments and we are deploying our expertise from across the group to handle the matter.
“The firm applied to cancel its SRA permission prior to the administration and as part of that process took steps to return all client monies and deal with client files appropriately.”
He added: “Third party custodians were used to hold investor clients’ assets and those clients will be contacted directly by the relevant custodian regarding ongoing access to their assets.
“We understand a small number of clients have complained about wealth management and financial advice they received and we will work with FSCS to assess client eligibility to the scheme.”
The administrators are encouraging any clients or creditors who may have questions or queries to visit the page on the BTG website dedicated to this case, where questions and direct contact details for the case team can be found: www.begbies-traynorgroup.com/creditors/lcm-family-limited.
The FCA are also warning creditors to that a claims management company (CMC) may approach them offering to help bring a claim.
The regulator has issued the following advice: “You should proceed with caution if you are approached by one of these companies. For most customers, there will be no benefit in involving a third party to make a claim against LCM. If you use a CMC to make a claim, they are likely to seek a fee, which may reduce how much you get back. If you’re considering using a CMC, you should first discuss it with the joint administrators.”
