Astute Capital Bonds and Hilbert Investment Solutions: What Affected Investors Need to Know
January 20, 2026
Key facts about Astute Capital bonds and Hilbert Investment Solutions
If you invested in Astute Capital bonds through a stocks and shares ISA, and that investment is now worth little or nothing, you may be wondering what happened and whether there are any options available to you now.
This article explains what Astute Capital bonds were, how Hilbert Investment Solutions Ltd was involved, and why some investors are exploring complaints linked to the way these investments were arranged and held.
What were Astute Capital bonds?
Astute Capital bonds were fixed-term investment bonds issued by Astute Capital plc.
In simple terms, investors lent money to the company for a set period, with the expectation of receiving a return.
Some investors held these bonds within stocks and shares ISAs, meaning the bonds sat inside an ISA tax wrapper.
These bonds were investment products, not savings products. Like many investment bonds, they can involve a higher level of risk and could be difficult to fully understand without clear explanation.
What happened to Astute Capital bond investments?
In 2022, Astute Capital undertook a restructuring of its balance sheet. As part of that process, a significant amount of bondholder debt was converted into shares.
For some bondholders, this resulted in their investment losing most or all of its value. Where the bonds were held within stocks and shares ISAs, the losses were reflected within the ISA itself.
Following this, some investors may feel unsure whether there are any further steps available to them.
Where Hilbert Investment Solutions fits in
Hilbert Investment Solutions Ltd acted as the ISA manager and custodian for some Astute Capital bond investments.
This means that Hilbert:
- provided the stocks and shares ISA wrapper
- executed the purchase of the Astute Capital bonds
- held the investment within the ISA structure
Hilbert did not issue the bonds and did not provide personal financial advice. However, it is a regulated firm, and regulated firms have responsibilities when facilitating investments, particularly where investments are complex or higher risk.
Why complaints in this area focus on process rather than performance
It’s important to be clear that concerns raised by some investors are not about normal market movements or an investment simply performing poorly.
Instead, complaints in this area can focus on questions such as:
- whether the investment was complex or difficult to understand
- whether the investor had relevant experience of higher-risk investments
- whether appropriate checks or assessments should have been carried out before allowing the investment to proceed
- whether clearer information or warnings may have affected the decision to invest
Under FCA rules, firms can have obligations when executing complex investments, even where no personal advice is given. Each case depends on its own facts and circumstances.
“I wasn’t advised, so can I still complain?”
A common assumption is that a complaint is only possible where financial advice was provided. That is not always the case.
In some circumstances, complaints can be made against regulated firms involved in arranging or executing investments, where the issue relates to process, appropriateness, or whether regulatory responsibilities were met.
This does not mean a complaint will succeed, but it does mean that the absence of advice does not automatically prevent a complaint from being considered.
Why some investors are unsure what to do next
For investors affected by Astute Capital bonds, uncertainty can arise because:
- the bond issuer restructured
- the investment was held within a stocks and shares ISA
- responsibility between different parties is unclear
- there is limited clear information available publicly
This can make it difficult to know whether any further steps are available.
What to do if this applies to you
If you invested in Astute Capital bonds through a stocks and shares ISA, the sensible first step is to understand exactly how the investment was arranged and who was involved.
This may include:
- confirming who provided the ISA
- understanding how the bond was executed and held
- reviewing whether the investment was complex in nature
- obtaining a professional opinion on whether a complaint may be possible
Compensation Adviser can carry out a free, no-obligation assessment to help you understand your position. We’ll explain your options clearly, including the routes available to you, so you can decide whether to use our service, pursue the matter independently, or take no further action.
Frequently Asked Questions
What are Astute Capital bonds?
Astute Capital bonds were fixed-term investment bonds issued by Astute Capital plc, where investors lent money to the company in return for a promised return over a set period.
I held Astute Capital bonds in a stocks and shares ISA. Does that matter?
It can. Holding an investment within a stocks and shares ISA means it was arranged and held within an ISA structure by an ISA provider, although the risks depend on the underlying investment itself.
Can I complain if I wasn’t given financial advice?
In some circumstances, yes. Complaints are not limited to advised investments and may be considered where regulated firms were involved in arranging or executing complex investments.
Who would a complaint usually be against?
This depends on the individual circumstances. A review is normally needed to identify which firm or firms were involved and whether a complaint may be appropriate.
Is there a time limit to complain?
Time limits can apply and vary depending on the type of complaint and who it is made to. This is why it’s important to check your position sooner rather than later.
About the Author
This article was produced by Compensation Adviser, part of Pension Claim Consulting Ltd, an FCA-authorised claims management company (FRN 829766).
Compensation Adviser specialises in handling financial mis-selling claims, including mis-sold investments, crypto scams, bank-related scams, and APP fraud.
Our content is based on official sources, consumer-protection updates, and FCA guidance to help you make informed choices. All details correct at the time of publishing.