FSCS provides update to customers of Saxon Capital Ltd

Maria Nikolova

Claims against Saxon Capital Ltd that relate to Oxford Renewable Fuel Ltd, Otreus Ltd, Crescent Energy Ltd and Palmetto Energy plc have been moved to FSCS’s claims processing teams for assessment.

The UK Financial Services Compensation Scheme (FSCS) has earlier today provided an update to customers of Saxon Capital Ltd.

Claims made against Saxon Capital that relate to Oxford Renewable Fuel Ltd, Otreus Ltd, Crescent Energy Ltd and Palmetto Energy plc have now all been moved to FSCS’s claims processing teams for assessment.

Saxon Capital Limited was dissolved in March 2017.

The Compensation Scheme has received a number of claims against Saxon Capital from customers who bought unlisted shares in a company called Oxford Renewable Fuel Ltd. Oxford Renewable Fuel was advertised as a market leader in renewable energy, producing commercial quantities of biofuel.

Oxford Renewable Fuel raised £7 million from around 340 investors through various introducers and a number of Independent Financial Advisers (IFAs), including Saxon Capital Ltd.

FSCS is also aware of a number of other unlisted company shares may have been sold by regulated IFAs in a similar way to Oxford Renewable Fuel Ltd:

  • Otreus Oil and Gas Company Ltd;
  • Crescent Energy Ltd; and
  • Palmetto Energy plc.

Back in July 2019, FSCS said it was accepting claims against Saxon Capital Ltd, if they relate to advice customers received to invest into Oxford Renewable Fuel Ltd and other unlisted shares. The scheme has been working with the Avon and Somerset Police, and other parties, in order to obtain firm records and other documentation concerning this matter.

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