Strathearn Insurance Services Ltd
Since April 2019
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Strathearn Insurance Services Limited was placed into Liquidation in April 2019. FSCS is now accepting claims against this firm.
FSCS understands that a number of former clients of Strathearn Insurance Services Limited invested into property deals offered by a company called IPIN Global. Interested investors became members of this network and were offered the opportunity to invest into property development schemes. Under the schemes investor deposits would be held within a segregated account.
When required, developers would draw down on the investor deposits to finance the developments. A secured exit strategy was offered to investors. The strategy was backed by a Property Deposit Bond, arranged by Strathearn Insurance Services Limited, with the explicit aim of protecting investor deposits.
FSCS is aware that the Financial Ombudsman Service (FOS) has already considered a number of complaints against Strathearn Insurance Services Limited which they have upheld. FSCS has been working with FOS to build an understanding of the activities carried out by the firm. In addition, FSCS has been working closely with FOS to ensure that complaint files are transferred to us.
14 June 2019
FSCS’s investigations into Strathearn Insurance Services Ltd are continuing. Right now, our legal team are looking at the activities that Strathearn carried out to identify the specific regulatory breaches that may have occurred.
FSCS understands that many former clients of Strathearn had active complaints with the Financial Ombudsman Service (FOS) at the time the firm went into liquidation. We've been working closely with the FOS to make sure FOS complaint files are transferred to FSCS. Once FOS complaint files are received, FSCS will contact customers and advise them on what they should do next.
20 May 2019
Although FSCS is accepting claims against Strathearn Insurance Services Ltd, claims have not yet been passed to our claims processing teams for assessment. This is because we are carrying out initial investigations into the activities of Strathearn Insurance Services Limited.
Firstly, we need to establish whether there are ‘protected claims’ against Strathearn Insurance Services Limited. For this to happen we need to know that Strathearn Insurance Services Limited owes a civil liability to customers that would enable them to sue the firm in court.
Importantly, this civil liability must be in connection with a regulated activity carried out by the firm. Currently our investigations are focussing on the documentation which Strathearn Insurance Services Limited provided to customers. This analysis will help us reach a view on what regulatory breaches may have occurred.
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