We, the undersigned, are calling on UK regulators, lawmakers, and financial watchdogs to investigate the collapse of Artis Finance—a London-based non-bank financial institution (NBFI)—and to confront the growing systemic risks posed by opaque and under-regulated trade bond markets.

What Happened?
On 3 March 2025, Artis Finance entered administration following the exposure of serious misrepresentations in its financial disclosures. Through its special purpose vehicle, Artis Loanco 1 PLC, the firm issued $260 million in asset-backed securities backed by trade receivables—many of which have now defaulted.

Key Facts:

• Loans were misrepresented: Artis concealed loan arrears (over 24% were more than 60 days overdue) and manipulated servicing reports to overstate performance.
• Risk to major investors: Institutions such as CDPQ, Insight Investment, Nuveen, and Barings were exposed to significant losses.
• Breach of investor trust: Artis declared false compliance with bond covenants and raised new capital against a failing loan book.
• Negligence and lapses: The firm let insurance coverage lapse and failed to disclose material risks, putting investors and markets at further risk.
• Regulatory inaction: The structure of this deal exploited gaps in oversight, evading the scrutiny of auditors, trustees, and rating agencies.

Now under administration by PwC, the case is under forensic investigation, but we believe broader public inquiry and media attention are urgently needed.

Not Just One Bad Actor
Artis Finance is not an isolated case. This scandal follows similar patterns seen in the collapse of Greensill Capital, Credit Suisse’s supply chain finance funds, and others. These cases show how trade bond programmes—often structured outside the bounds of traditional regulation—are being misused to raise capital based on unreliable and unverifiable trade receivables.

These schemes:

• Lack transparency
• Evade regulatory oversight
• Mislead investors with complex, opaque structures

What We’re Asking For:

1. A full investigation into Artis Finance’s activities and its network of partners, including arrangers, legal advisors, and rating agencies.
2. Stronger regulation of trade finance securitisations and non-bank financial institutions (NBFIs).
3. Accountability for those who failed in their fiduciary and legal duties—across financial, legal, and regulatory roles.
4. A parliamentary inquiry into systemic risks in the UK trade bond and shadow banking markets.

We believe in financial systems that are transparent, accountable, and fair. The time to act is now—before more investors are misled and more capital is lost to preventable failures.

Why This Matters to the UK Public:

• It threatens the integrity of the City of London as a global financial centre.
• It exposes pension funds and institutional capital to hidden risks.
• It allows bad actors to exploit regulatory gaps without consequence.
• It endangers trust in financial markets—trust that is essential to our economy.

Please sign and share this petition. Let’s hold those responsible to account—and protect the future of fair, transparent, and responsible finance in the UK and beyond.