London-based financial services advisory firm Strabens Hall Limited has entered administration and its assets have been sold to other firms.

The Financial Conduct Authority (FCA) revealed that Umbra Finance Limited placed Strabens Hall into administration on 10 September.

Umbra Finance has appointed Gary Shankland and Robert Ferne, both of Begbies Traynor (London) LLP, as joint administrators.

The joint administrators immediately sold Strabens Hall’s regulated business and assets to Hybrid Advice Central Limited, with the firm’s clients also transferred to Hybrid Advice Central as part of the sale.

The FCA stated that Hybrid Advice Central will be writing to clients “soon” to explain what the transfer means for them.

On the same day, the joint administrators also sold Stabens Hall’s non-regulated business and assets to D’Arblay Wealth Limited, which is connected to Hybrid Advice Central, with all staff, excluding directors, transferred as part of the sale.

While the FCA said that most clients should not be affected by the firm entering administration, clients with regulated or unregulated products may wish to contact Hybrid Advice Central for more information.

Strabens Hall, which offers advice on a range of products including retirement, pensions and estate planning, posted a statement on their website noting the firm’s entry into administration.

"All client files are protected and held in accordance with prevailing legislation and Hybrid Advice will continue to provide regulated advice to clients on existing terms,” it stated.

"Hybrid Advice are contacting all platform providers and clients regarding the ongoing provision of services."

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