Call US FREE ON
0808 2 818 717

Square Mile Securities

Declared in Default February 2009 – Max Compensation £48k

Square Mile Securities Ltd Formerly Halewood International Futures Ltd (SMS) was subject to a Financial Services Authority (FSA) investigation between March and May 2006. As a result of this investigation, the FSA found failings that warranted a fine of £1,500,000. This was reduced to £250,000 because of the financial circumstances of the firm and its agreement to settle at an early stage of the investigation. Square Mile agreed to send its customers a letter advising them of the FSA findings which included information on how they could make a complaint. The fine and the letter to customers occurred in January 2008.

Due to the nature and extent of the complaints Square Mile subsequently received, it became apparent quite quickly that Square Mile would not be able to meet its liabilities and it went into administration in March 2008.



Scam stories

On 11 February 2008, the FSA banned Mr Mohammed Suba Miah, a former broker at Square Mile and fined him £21,000 for selling high risk shares to customers without their consent and deliberately misleading customers by not explaining the risks involved with such shares.

On 10 July 2008, the FSA banned Mr Baljit Somal, a former broker at Square Mile and fined him £16,000 for selling high risk shares to customers without their consent and using unacceptable sales tactics.

On 19 February 2009, the Financial Services Compensation Scheme (FSCS) declared Square Mile in default. This means that Square Mile is unable or unlikely to be able to meet its liabilities and as the UK statutory fund of last resort; the FSCS can step into the shoes of Square Mile and redress eligible claimants. (Subject to its limits).



Important information for ‘nominee account’ clients

Due to inadequate record keeping by Square Mile, the administrators could not properly reconcile the nominee accounts. Therefore if you do not hold share certificates your investments will almost certainly be lost. With this in mind, Hallbrook Partners encourages every Square Mile client to pursue a claim for compensation on at least the basis of a ‘return of property.’ FSCS will return the value of your investments as of the 19th February 2009 when Square Mile was declared “in default”. (Subject to its limits).

It is likely that the value of your investments on 19 February 2009 is substantially less than the original investment you made. Hallbrook Partners can help to establish if you were a victim of mis-selling in which case you can claim back the entirety of your losses subject to the FSCS limits. Please contact us for more details. Hallbrook Partners can help to establish if you were a victim of mis-selling in which case you can claim back the entirety of your losses subject to the FSCS limits. Please contact us for more details.


Call now 0808 2 818 717


Request a FREE Call back
Complete the form below and one of our expert advisors will call you back.


Customer Testimonials

We are proud to have already helped thousands of clients recover tens of millions of pounds in compensation.


What is Principal Trading?

This is a practice where brokers advise investors to buy shares their firm already owns.