B&G PLC which was not regulated by the Finance Conduct Authority (FCA) had issued investment bonds worth up to £36m to around 1800 retail customers. Many of these investors had dealt with B&G Finance who were regulated by the FCA and were intermediaries between B&G PLC and the investors.
It is understood that one of the main reasons behind the companies going into administration was that a large proportion of B&G PLC’s funds were invested in the payday loan company, Uncle Buck Finance LLP, that entered into administration on 27 March 2020.
Having taken advice, it appears that the Directors accepted that both companies were in effect insolvent. This may mean that the 1,800 investors may lose some or all of their investment. Things will become clearer in the coming months once the administrators have had the chance to conduct some initial enquiries.
However, if investors are concerned about losing their investment and/or the advice they were given to invest in B&G plc it may be that they can seek 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 Financial Services Compensation Scheme (FSCS).
TLW Solicitors’ view
+ −Reflecting on the entering into the administration of both companies, Peter McKenna, Partner and Head of the Financial Mis-Selling team at TLW Solicitors commented:
“This will be a particularly worrying time for investors of B&G plc particularly with everything else that is going on in the world and the financial pressures that many are already under. However, if investors in B&G plc are concerned about the advice they received or the way in which the investment was explained to them then we may be able to help recover some or all of their losses.”
Financial Mis-Selling Specialists
+ −Working on a ‘no win – no fee’ basis, TLW’s experienced team can help you through the 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 your, a friend or loved one’s investment in Basset & Gold Plc and B&G Finance Ltd, please get in touch with TLW Solicitors today by calling 0800 169 5925, email or complete our call back form.
Time limits can apply and so anyone wishing to bring a claim should do so without delay.
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