In our article last week we discussed Alan and Russell Taylor who have been jailed following £17m investment fraud.
The FSCS have received over £6m worth of claims, mainly related to advice, from clients of the brothers.
The monies used in the offences by the brothers were taken from 200 mostly elderly and vulnerable clients.
Between 2008 and 2015, the brothers fraudulently produced client records and misrepresented documents. They were then persuading clients to sign the documents so that they could access the clients pension funds.
The pension money was then transferred to Vantage Investment Group Ltd and put into a high risk finance scheme, all without the client knowing.
The FSCS have stated that they have received 229 claims against Taylor & Taylor Associates, adding up to £5.5m so far. These claims were investment bond, investment portfolio, mortgage and pension advice and SIPP related, as well as others.
The FSCS have also received 26 claims at a value of £630,000 against Vantage Investment Group which related to high income bonds, investment bonds, investment portfolios and SIPPs.
The brothers were described by Mike Broomfield (head of intelligence at The Pensions Regulator) as "textbook examples of how fraudsters abuse the trust of their vulnerable victims".
When the FSCS declares a company in default it means the company is unable to pay out claims for compensation against them. This allows consumers to take their claims to the FSCS.
Clients can take their claims to the FSCS via a Claims Management Company, a solicitors firm or they can do it themselves.
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If you have been a victim of a mis-advised pension, we may be able to assist you in taking your case to the FSCS or relevant party to get you compensation, visit our website to find out how we could help: https://www.theclaimsbureau.co.uk/pension-claims
The information in this article has been sourced from: https://www.ftadviser.com/your-industry/2019/05/29/fscs-receives-6m-claims-against-jailed-brothers/?page=1