In October 2018 Wealth Management company Greyfriars Asset Management went into administration. The FSCS began dealing with claims against it from investors relating to pensions advice, including SIPPs.
In its own literature, Greyfriars described Portfolio Six as a discretionary managed investment portfolio made up of ‘non-correlated investments’. With a minimum investment of £10,000 through a SIPP on Novia’s platform, returns of 8-10% were suggested on the corporate bonds.
Portfolio 6 investments include:
- The Resort Group – the purchase of four luxury hotel developments in Cape Verde
- The Olmsted Series – United States property investments
- Enviroparks – development of an anaerobic digestion facility in Wales
- Uavend – UK based property and redevelopment projects
- Lanner Car Park Bonds – acquisition and development of UK car parking sites
Difficulties with some of these bonds are emerging. In a recent blog we highlighted the challenges facing The Resort Group.
A further example is Lanner Car Park Bonds which has recently been assessed by the FSCS as having nil value, in turn enabling the TLW team to recover compensation for our clients.
Investors concerned about losing their investment and/or the advice they were given in relation to Portfolio Six, may be able to recover compensation for their losses. It may be possible to make a claim for compensation through the civil courts for negligent professional advice.
Another way of claiming compensation is through the Financial Ombudsman Service (FOS), a Government-backed body set up to resolve complaints between FCA regulated financial businesses and their customers.
Alternatively, where an investment provider or adviser goes out of business, compensation claims up to the value of £85,000 can still be made through the FSCS.
Reflecting on recent developments relating to Greyfriars Asset Management’s Portfolio Six, Peter McKenna, Partner and Head of the Financial Mis-Selling team at TLW Solicitors said: –
“We know that many people who have investments linked to Portfolio Six are adopting a “wait and see” approach before investigating a possible claim for compensation. However, this could be a very serious mistake as strict time limits apply to these cases and any delays could potentially prejudice what would otherwise be a valid and high value claim. We would therefore encourage anyone worried about these investments to get in touch”.
Working on a ‘no win – no fee’ basis, TLW’s experienced team can help you through either the civil court, FOS or FSCS compensation routes. Our clients are reassured by our knowledge and experience of dealing with these cases and, indeed, with FOS and FSCS cases, we have had 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’s Portfolio Six, please get in touch with TLW Solicitors today by calling 0800 169 5925, email or complete the call back form.
Strict time limits apply and so anyone wishing to bring a claim should do so without delay.
Meet Peter, Peter is a TLW Partner and Director of the Financial Mis-Selling team.
Peter is on hand to give you the best advice.
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