Wither now for Flint Wealth's platform?

Both organisations had already written off their investments in Formosa Wealth, Flint's parent company, but the current situation is being described as a change in ownership.

Australia-based Research IP is now Formosa's sole owner, although Harbour has said that its funds will continue to be available to Flint clients and “we look forward to working closely with the Flint team on an ongoing basis.”

Flint claims to have more than 120 funds from 13 managers on its platform, which it is offering to investment advisers as a “white label” product.

In March, Research IP co-founder Darren Howlin said Flint was looking for new equity partners and had been talking to other fund managers about potential capital injections.