Planners Back Huge Nottingham Scheme
16th Jul 2018
Following Brandeaux's announcement last week to back out of plans to IPO a number of funds, which was principally aimed at generating liquidity for investors trapped by the suspended offshore investment schemes, investors have instructed Regulatory Legal, a firm specialising in the recovery of financial losses, to approach the Financial Ombudsman Service.
Regulatory Legal will pursue the major advisory network, including Baker Tilly, for potential mis-selling of the funds to typically low-risk investors with limited financial knowledge.
Pension provider Friends Provident, who was also involved in the advisory network, described the fund in its fact sheet as "[taking] a balanced approach to investment by holding a diverse portfolio of assets". However, a cursory review of the student accommodation fund's portfolio reveals that the £1.1bn fund is almost entirely invested in property.
The fund was suspended last summer following Brandeaux's inability to sell property holdings to meet redemption requests. The net asset value of the fund has subsequently been written down by close to 7%.
Claims of up to £150,000, the limit for payouts ruled upon by the Financial Ombudsman Service (FOS), will be taken to the FOS, with those claims above £150,000 eligible to go directly to court. Complaints upheld by FOS are binding on both parties.
16th Jul 2018
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