Tweet
We welcome a positive outcome for investors, following our High Court proceedings over collective investment schemes.
We brought a High Court claim against Lupton Fawcett LLP in respect of work undertaken for the Qualia Group of companies by a former member of the firm in and around 2016. In our claim, we alleged that Lupton Fawcett LLP had been knowingly concerned with the promotion of collective investment schemes operated by Qualia.The FCA and Lupton Fawcett LLP have now settled that claim on confidential terms.As part of that settlement process, and without any admission of liability, Lupton Fawcett has said: ‘Lupton Fawcett LLP wishes to express its profound regret that it ever became involved with the Qualia group of companies, and Lupton Fawcett LLP further supports the FCA in its message to professional advisers, namely that particular caution should be exercised in the context of providing advice in connection with collective investment schemes.’We welcome the constructive approach that Lupton Fawcett has taken since we brought proceedings and are satisfied that the settlement is the best outcome for investors. Professional firms that go beyond their remit by promoting unlawful investment schemes risk causing significant harm.Qualia investorsWe will contact affected UK-based Qualia investors in due course to arrange distribution of funds.Any UK investor in the Qualia scheme who has not received an email from us by 31 January 2025 should contact us to make sure the contact details we hold are up to date.Email: QualiaInvestors@fca.org.uk
https://www.fca.org.uk/news/news-sto...estment-scheme