May 6th, 2020 | Latest News
The number of cases that are being dealt with by the FSCS for assessment has subsequently reached the hundreds.
A recent update on the FSCS website confirms:
“FSCS is also accepting and is currently assessing claims against independent financial advisers, which have already been declared in default by FSCS, who advised their clients to invest through Greyfriars.
“Many of these customers were advised by IFAs to transfer their existing pensions into Sipps made up of high risk, non-standard investments, many of which have now become illiquid, which means they can’t currently be sold or traded.”
Despite the SIPP provider has entered into administration, investors concerned about losing their investment and/or the advice they were given by financial advisers, may still be able to recover compensation for their losses.
Where an investment provider goes out of business, compensation claims up to the value of £85,000 can still be made through the FSCS.
“If anyone was advised by a financial adviser to setup a SIPP with Greyfriars and then have invested in high risk unregulated investments they should seek advice in order to ascertain whether they have suffered any financial losses and if so, what options are available to them to recover those losses.”
Working on a ‘no win – no fee’ basis, TLW’s experienced team can help you through the FSCS compensation process. Our clients are reassured by our knowledge and experience of FSCS procedures and, indeed, we have had FSCS claims successfully upheld for clients whose claims had previously been refused on purely technical grounds. If you are concerned about your, a friend or loved one’s investment with Greyfriars Asset Management, please get in touch with TLW Solicitors today.
