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Historic UCIS sales - "adviser" reimbursed friends - Acceptance of liability?

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  • Historic UCIS sales - "adviser" reimbursed friends - Acceptance of liability?

    Long time since I asked anything here.
    Hoping to help a few people out with the answer to this issue.
    8 yrs ago I purchased a financial services business. (just the regulated element).
    Turns out the previous owners/regulated advisers had been heavily involved in UCIS sales on unregulated basis thru Berkeley Burke SIPPS.
    Many of the clients I took on had been targeted with their small pension pots and encouraged to invest in Jatropha trees, Teak, storage pods etc.
    All of these have folded without value so the funds are lost.

    I have now discovered that one of the previous "advisers" has made good or repaid personally some of the funds invested by his friends, presumably to save face .... or possibly so he can still walk around without being threatened. Its fair to note, he didn't invest any of his own money in these scam investments.

    Question.... I have identified 23 of my current clients, presumably not this "advisers" friends, who also have lost their small pension account savings or lost savings funds directly through the actions of this chap through being "advised" to invest in these scam funds. Do they now have a basis of recourse as he has evidently accepted some responsibility for his prior actions as he has elected to repay funds to individuals, albeit his friends, whom he previously encouraged to invest?
    He has always maintained it was an unregulated investment and he was not liable .... there is a very blurred line here though as he was a Regulated IFA at the time establishing SIPP contracts with a regulated provider but encouraging "clients" to invest in UCIS products on an unregulated basis.
    Tags: None

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