Claims accepted against Midas Financial Solutions (Scotland) Ltd
The Financial Services Compensation Scheme (FSCS) wants to make victims of an illegal scheme operated by Midas Financial Solutions (Scotland) aware that they may be eligible for compensation against the former Aberdeen-based firm.
Midas operated as an appointed representative of an authorised firm. This firm offered financial advice to customers in the Aberdeen area.
FSCS is investigating the activities of Midas and, in particular, advice given to customers to invest in high-interest short term deposit accounts.
The investments were pitched as carrying attractive guaranteed returns placed on favourable terms due to the owner’s relationship with a well-known high street bank.
Sadly, for the investors, the high-interest accounts had never existed. Instead, investors’ money was placed into a so-called ‘Ponzi Scheme’ operated by the owner of Midas.
FSCS is aware that many of the investors lived in the Aberdeen area and is encouraging them to register a claim for compensation with FSCS at www.fscs.org.uk. Alternatively, they can telephone FSCS’s customer contact centre on 0800 678 1100. The majority of the investors will be unaware that they can register a claim for compensation with FSCS.
More information can be found on the FSCS website at https://www.fscs.org.uk/failed-firms/midas/.
T: 020 7375 8631
Notes for editors
Read more about the remit of FSCS on our Notes for editors page.