Greyfriars went into administration in October 2018 and the FSCS then began dealing with claims against it from investors relating to pensions advice, including SIPPs.
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.
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:
“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 your, a friend or loved one’s investment with Greyfriars Asset Management, 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.
Meet Our Team
Meet Peter, Peter is a TLW Partner and Director of the Financial Mis-Selling team.
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