Have you received financial advice from Greyfriars Asset Management? Were you advised to invest into a self-invest personal pensions (SIPP) and have since lost money?
Smooth Commercial Law may be able to help you claim compensation.
In 2016, the FCA instructed asset management firm, Greyfriars Asset Management, to stop accepting new investment into the now infamous Greyfriars “Portfolio Six” on a permanent basis. Now, the Financial Service Compensation Scheme (FSCS) is accepting and assessing claims or compensation against the former finance firm from former clients who believe they have been mis-sold investments.
Many of Greyfriars’ clients were advised by IFAs to transfer their existing pensions pots into high-risk, self-invested personal pensions (SIPPs). These SIPPs were made up of risky, non-standard investments which means they cannot be currently sold or traded. This sort of investment is only suitable for wealthy, experienced investors.
The FSCS has so far received 241 applications for compensation against Greyfriars, which was declared in default in April 2020. If you think you have a claim, Smooth Commercial Law advise you to get in touch as soon as possible.
Who were Greyfriars Asset Management?
Greyfriars Asset Management was a former wealth management firm who 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 a notorious fund called “Portfolio Six” which invested in a range of overseas property-based schemes, including the acquisition of car parks. Some of the companies involved are now well-known to the FCA and FSCS:
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 Wealth Management? 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 from the FSCS 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.