£17m fraud firm Vantage Investment Group is one of the named IFAs in the FSCS default list.
The firm Vantage Investment Group was run by two brothers (Alan Taylor, 38 and Russell Taylor, 37), now jailed for a £17m investment fraud has been declared in default by the Financial Services Compensation Scheme (FSCS).
The FSCS publishes a list of firms on a regular basis that have been declared in default, this means they are unable to pay out on claims made against them.
There are a number of IFA firms that have been included in the most recent list, including Vantage Investment Group. Vantage was owned by the two brothers from Norwich who also ran an IFA firm Taylor and Taylor Associates.
239 clients money, totaling at around £17m, was invested without the clients knowledge into Taylor and Taylor Associates into the unregulated Vantage Investment Group fund, which both brothers were directors and shareholders of, between 2008 and 2015.
The police stated that the Taylor brothers had used the money to fund an expensive lifestyle such as cars and a private boat. They were charged on seven counts of fraud each in 2016 and pleaded guilty in 2018 to a single count of conspiracy to defraud.
The lifeboat fund has paid out £5m for a total of 176 complaints against Taylor and Taylor. Of the 176, 102 were related to advice on SIPP products, 28 related to unregulated collective investment schemes and 23 related to investment bonds.
The other firms listed in the FSCS's most recent list of IFA's in default are:
Synergie Financial Planning Limited (trading as Future Financial) Dorset
Magna Wealth Management Limited, Worcestershire
TBO Investments Ltd, Birmingham
Kennett Investment, Life & Pensions Limited, Humberside
Premier Financial Solutions (Harrogate) Limited
Pensionology UK Limited (Formerly Broker-Support Limited), Cheshire
Ulverston Financial Services Limited, Cumbria
Susan Fleck Associates Limited, Kent
John Henry Moore, East Sussex
Sequant Capital Limited Formerly Central Markets (London)
GD Tancred Ltd, Peterborough
If you have been poorly advised to take out a SIPP and the investment failed, we may be able to help you get your pension back.
Get in touch with us to find out more on 01903 868 251 or fill out our contact form and someone from the team will get back to you https://www.theclaimsbureau.co.uk/contact
Information in this article has been sourced from https://citywire.co.uk/new-model-adviser/news/17m-fraud-firm-named-alongside-ifas-in-fscs-default-list/a1230683?section=new-model-adviser&_ga=2.60028457.567340605.1558346851-327756604.1557760086