The troubled Sipp firm will now be investigated to identify if any regulatory breaches have occurred.
The Financial Services Compensation Service (FSCS) has begun a legal probe into wealth manager Greyfriars Asset Management. The FSCS have passed details onto their internal legal team to try and “identify the specific regulatory breaches that may have occurred”.
The FSCS has so far received 241 applications for compensation against Greyfriars, which was declared in default in April 2020.
The FSCS have stated they will provide an update on the investigation’s progress in due course.
Who were Greyfriars Asset Management?
Greyfriars Asset Management offered Discretionary Fund Management (DFM) services to its clients.
In October 2018, the self-invested personal pension (Sipp) provider sold its pension businesses to Hartley Pensions after it went into administration.
Greyfriars had promoted an infamous fund called “Portfolio Six” which invested in a range of overseas property-based schemes, including the acquisition of car parks.
Greyfriars was barred by the FCA from accepting any more money into Portfolio Six at the end of 2016. The following year it was banned from accepting any new client money across its regulated business.
The FSCS began accepting claims against Greyfriars in February 2019. They are also assessing claims against IFAs who advised their clients to invest through Greyfriars.
In April 2020, the FSCS declared Greyfriars Asset Management default.
How can Smooth Commercial Law help?
Did you invest your pension into an investment portfolio offered by Greyfriars? Smooth Commercial Law may be able to help you claim compensation.
At Smooth Commercial Law, our team of experts have experience in dealing with a whole manner of claims that arise from negligent, fraudulent and/or unsuitable financial advice, including unsuitable transfers from pensions. We are seeing an increase in claims for mis-sold pensions and unsuitable investments, and have managed to secure compensation for many of our clients.
Should you have a claim for negligent financial advice, we can deal with your case and look to recover compensation for not just your loss of investment but also any adverse tax liabilities that you may now be facing as well.