Taylor & Taylor Associates and Vantage Investment Group update
6th June 2018
Who are Taylor & Taylor Associates?
Taylor & Taylor Associates were a Norwich based IFA (independent financial advisor) firm operated by brothers Alan Taylor and Russell Taylor. They were declared in default by FSCS on 27th November 2015.
In March 2018 the directors of the firm pleaded guilty to defrauding over 200 clients of around £17million through Vantage Investment Group fund. This was an unregulated fund the Taylor brothers set up and were also the directors and shareholders of between 2008 and 2015.
In April 2018, Suffolk Police contacted clients of Taylor & Taylor Associates and the Vantage Investment fund in relation to a confiscation order secured against the guilty parties. Any funds recovered from the confiscation order will be distributed to affected investors.
What if you have already made an FSCS claim against Taylor & Taylor – what happens next?
If we have already paid you up to our maximum compensation limit, you could be entitled to a further payment from the confiscation order if your losses exceeded our compensation limit. When you first submitted your claim to us you will have assigned to FSCS your rights to make any further claim against Taylor & Taylor. This means that any distribution from the confiscation order will be paid to us.
However, where you have outstanding losses, we’d pass any proceeds from the confiscation order on to you up to the value of your full loss. So you will be no worse off for FSCS paying you compensation first.
What if you have not yet made a claim against Taylor & Taylor to FSCS?
FSCS has already been considering customer claims against Taylor & Taylor and has paid almost £5 million for claims against the firm so far, relating to bad advice and misselling. If you have not yet made an FSCS claim against Taylor & Taylor, we would encourage you to contact us as soon as possible so we can consider your claim.
If you receive any money from the confiscation order before you contact us, we’d still invite you to make a claim with us if the money you’ve received from the order does not fully cover your losses.
What if you think you have a claim against Vantage?
FSCS is currently reviewing whether investors may have claims against Vantage. We would need to conclude that Vantage owes investors a legal liability. While our investigations continue we won’t be inviting claims against Vantage. Once we have finished our investigations we’ll be in touch with affected investors to let them know our findings and explain next steps. Until then, we thank you for your patience, and ask you to check this page for the latest updates.
How can customers get more help?
If you’ve been affected and need more help, call us on Freephone 0800 678 1100.
How does FSCS protect investments?
The maximum level of compensation for claims against firms declared in default on or after 1 January 2010 is £50,000 per person per firm.
Who are FSCS?
FSCS deals with compensation claims when financial firms go out of business. We are an impartial, free service that was set up by Parliament to protect customers. If customers lose money, we compensate them where the rules set by the regulators allow. When FSCS declares a firm in default, it means we are satisfied it is unable, or likely to be unable, to pay claims against it, and we step in.
What other products does FSCS protect?
FSCS (the Financial Services Compensation Scheme) can compensate customers of UK authorised financial services firms if they go out of business. The service is free and is independent. It protects deposits & savings (up to £85k), investment business, home finance, insurance policies and insurance broking.