Tuesday, 04 February 2014 10:08
Advisers to be placed on watch list over mis-sold investment schemes
Advisers who have been found to have mis-sold Unregulated Complex Investment Schemes will be named on a website based watch list.
The Rebus Adviser Watch List has been created to show when advisers have been found to have mis-sold such schemes by the Financial Ombudsman Service or the courts.
Rebus is investigating 1,264 claims worth between £100,000 and £10m – with the total value for all claims around £684m.
There are probes into 379 schemes.
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Rebus said its watch list is the first of its kind and spans advisory firms across IFA, private banking, wealth management, and professional services.
Martin Taylor, head of client relations at Rebus Group, said: "We have launched the watch list to provide protection to consumers and to give them what the regulator should be; advice on what to do next and assistance in getting back the money they invested in these schemes.
"We believe that many investors have been unfairly mis-sold investments by these advisers, and over the past two years, we have seen numerous investors who have lost a lot of money because of being mis-sold UCIS – some of whom have faced bankruptcy.
"The FSA created the environment for these complex investment schemes, yet failed to maintain appropriate oversight of them or the firms selling them, and we are now starting to see the real truth of these schemes."
The Rebus Adviser Watch List has been created to show when advisers have been found to have mis-sold such schemes by the Financial Ombudsman Service or the courts.
Rebus is investigating 1,264 claims worth between £100,000 and £10m – with the total value for all claims around £684m.
There are probes into 379 schemes.
{desktop}{/desktop}{mobile}{/mobile}
Rebus said its watch list is the first of its kind and spans advisory firms across IFA, private banking, wealth management, and professional services.
Martin Taylor, head of client relations at Rebus Group, said: "We have launched the watch list to provide protection to consumers and to give them what the regulator should be; advice on what to do next and assistance in getting back the money they invested in these schemes.
"We believe that many investors have been unfairly mis-sold investments by these advisers, and over the past two years, we have seen numerous investors who have lost a lot of money because of being mis-sold UCIS – some of whom have faced bankruptcy.
"The FSA created the environment for these complex investment schemes, yet failed to maintain appropriate oversight of them or the firms selling them, and we are now starting to see the real truth of these schemes."
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