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FSCS Handling Large Numbers of Pension Claims Against Greyfriars Asset Management

Wealth Management company Greyfriars Asset Management went into administration in October 2018. The Financial Services Compensation Scheme (FSCS), a Government backed body set up to protect customers from failed investment companies, then began dealing with claims against it from investors relating to pensions advice, including self-invested personal pensions (SIPPs). Numbers of cases 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 having 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.

TLW Solicitors’ view

Reflecting on the FSCS’ recent comments about Greyfriars Asset Management, Peter McKenna, Partner and Head of the Financial Mis-Selling team at TLW Solicitors said:

Peter McKenna“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.”

Financial Mis-Selling Specialists

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.

TLW Solicitors Can Help

If you are concerned about yours, a friend or loved one’s investment with Greyfriars Asset Management, please get in touch with TLW Solicitors today by calling 0800 169 5925, emailing or complete the call back form below. Time limits can apply and so anyone wishing to bring a claim should do so without delay.

For added TLC, think TLW Solicitors.