9th September 2015
The Financial Services Compensation Scheme (FSCS) has received a number of claims for compensation in relation to advice to invest in schemes linked to investments such as film partnerships or environmental plans. This advice, given by authorised financial advisers, was often for tax mitigation purposes.
These arrangements are usually Unregulated Collective Investment Schemes (UCIS). Because of this, FSCS can consider claims for compensation against financial advisers that are no longer trading in relation to alleged bad advice to invest in these schemes.
As these claims involve complex legal issues relating to the liability of financial advisers, we have taken external legal advice to help us assess these claims. As a result of this advice we can now start reviewing individual claims. We know that some claimants have been waiting a long time and we apologise for how long it has taken us to resolve these complicated issues.
If you have any queries regarding this matter please contact the FSCS Customer Services Team on Freephone 0800 678 1100 or 020 7741 4100.