Following Basset & Gold Plc and B&G Finance Ltd entering administration in April 2020, the Financial Services Compensation Scheme (FSCS) is now awarding consumers up to £85,000 in compensation for losses incurred as a result of their negligent conduct.
The FSCS is a Government-funded lifeboat compensation scheme for customers of failed authorised financial services firms. This means that the FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it.
Although Basset & Gold Plc was not regulated by financial watchdog, the Financial Conduct Authority (FCA), the business issued investment bonds worth up to £36 million. These bonds were sold to approximately 1,800 retail clients. The FCA describes a retail client as an individual who is not a professional client or an eligible counterparty.
Many investors purchased the bonds via B&G Finance Ltd, which were an FCA authorised firm. This means that clients of B&G Finance Ltd can now apply to the FSCS for compensation.
Successful claims for TLW clients
+ −TLW Solicitors has made successful claims to the FSCS on behalf of clients of B&G Finance Ltd. In such instances, the FSCS has confirmed that B&G Finance Ltd acted negligently and led investors to believe that the Basset & Gold mini-bond was secure and suitable for retail investors.
In particular, the FSCS has confirmed that the Basset & Gold plc 1 Year Fixed Compounding Pensioner Bond and 3-Year Interest Shield Compounding High-Yield IFISA Bond was too high risk for retail clients and have in turn compensated investors for these unsuitable investments.
TLW Solicitors’ view
+ −Sarah Spruce, Head of TLW’s Professional Negligence team said of recent developments:
“We are really pleased that the FSCS has now started to settle these claims and at long last our clients are getting the compensation they deserve. We have many years’ experience in dealing with claims against the FSCS, including recovering compensation when they have initially refused to pay, as well as dealing with complex multiple claims involving several investments.
If you are not sure whether you may have the basis of a claim, please get in touch with our specialist financial mis-selling lawyers.”
TLW Solicitors can help
+ −TLW Solicitors has a dedicated professional negligence team dealing with pension and investment mis-selling claims. We are specialists in claiming compensation for those who have been mis-sold pension investments. Working on a ‘no win – no fee’ basis, TLW’s experienced team can help you through the FSCS compensation process. Find out more about FSCS claims here.
If you are concerned about your, a friend, or a 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 info@tlwsolicitors.co.uk or complete the call back form below.
Time limits can apply and so anyone wishing to bring a claim should do so without delay.
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