• Home
  • Investment
  •  
    Retirement
    • Pensions
    • Income
    • Investment
    • Regulation
    • Estate planning
    • Equity release
  •  
    Your profession
    • Adviser tips
    • Business models
    • Companies
    • People
  • Regulation
  • Tax planning
  • Protection
  • Diversity
  • Events
  • Whitepapers
  • Industry blogs
  • Multi asset
  • Newsletters
  • Sign in
  • Events
    • Upcoming events
      event logo
      Retirement Planner Forum 2018

      Retirement Planner is committed to delivering best practice advise and discussion to our audience of professional retirement advisers and planners. This half day conference includes the opportunity for interaction and debate between delegates and speakers as they share unique insights.

      • Date: 15 Jun 2018
      • The Waldorf Hilton Hotel Aldwych London WC2B 4DD, London
      event logo
      Retirement Planner Awards 2018

      The annual Retirement Planner Awards is taking place on Friday 15th June 2018. Submit your entries by 6th April.

      • Date: 15 Jun 2018
      • The Waldorf Hilton Hotel Aldwych London WC2B 4DD T, London
      event logo
      Investment Marketing and Innovation Conference 2018

      The Investment Marketing and Innovation Conference returns on the 29th June 2018 at The Brewery. Join us to hear about all the marketing trends.

      • Date: 29 Jun 2018
      • The Brewery 52 Chiswell St London EC1Y 4SD, London
      event logo
      Investment Marketing and Innovation Awards 2018

      The Investment Marketing and Innovation Awards are back and are bigger and better than ever! With further categories to keep your creative juices flowing we are pleased to be back rewarding the hard working innovative people and companies in the investment world. Deadline to enter Friday 20th April.

      • Date: 29 Jun 2018
      • The Brewery 52 Chiswell St London EC1Y 4SD, London
      View all events
      Follow our events

      Sign up to receive email alerts about our events

      Sign up
  • Whitepapers
    • Latest Whitepapers and Reports
      When only the best will do in multi-asset funds

      Active managers who follow a rigorous, long-term investment approach, can boost the performance of multi-asset funds.  Read more about the case for including actively-managed funds in multi-asset portfolios. 

      Capital at risk. 

      CI064244  02/2018
      Download
      Friend or Foe: Bond markets in 2018

      As central banks move away from ultra-loose monetary policy, and the global economic expansion matures, bond fund managers will need to ensure their portfolios draw on a truly diverse range of sources of return and carefully consider portfolio risk if they are to generate yield in the current market environment.

      Download
      Find whitepapers
      Search by title or subject area
      View all whitepapers
  • Sign in
  •  
    •  

      Personalise your on site experience

      Download and use the apps

      Access your subscription from outside of the office

      Get relevant news and insight straight to your inbox

      Sign in
     
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • RSS
    • Twitter
    • LinkedIn
    • Newsletters
  • Register
  • Industry blogs
  •     Multi asset
Professional Adviser
Professional Adviser
  • Home
  • Investment
  • Retirement
  • Your profession
  • Regulation
  • Tax planning
  • Protection
  • Diversity
 
  •  

    Personalise your on site experience

    Download and use the apps

    Access your subscription from outside of the office

    Get relevant news and insight straight to your inbox

    Sign in
 
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Professional Adviser
  • Investment

IFA enters liquidation after film scheme FOS rulings

Film reel
  • Laura Miller
  • Laura Miller
  • @citizenlaura
  • 05 November 2013
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
0 Comments

IFA 20Twenty Independent has entered voluntary liquidation after a spate of claims against it relating to a film tax avoidance scheme.

In a letter dated 21 October to the firm's clients, 20Twenty Independent managing director Vince de Stefano states that "over the past year the firm has seen its income fall significantly following the loss of its advisory team and its running costs spiral", particularly professional indemnity (PI) premiums.

De Stefano - who is currently listed on the Financial Conduct Authority (FCA) register as inactive - continues: "I found myself with no alternative other than to call in liquidators."

Related articles

  • AXA IM's Nigel Thomas to retire
  • Industry heavyweights back Cridland's 'mid-life MOT'
  • Intervention: ABI's five-point pension engagement plan
  • SIPP market consolidation to continue, advisers predict
  • Single financial guidance body to go live this winter - Guy Opperman

The move follows a series of successful claims, lead by claims management firm Rebus, in March against the firm in which five investors who suffered heavy losses after being advised by 20Twenty to invest in Crossover Film Partnerships won £2.6m at the Financial Ombudsman Scheme (FOS).

The FOS ruled that the advice given by 20Twenty Independent was unsuitable and that the claimants were not aware of the level of losses they could be exposed to.

Those five investors have been paid out, however Rebus has now been advised that, before entering voluntary liquidation, 20Twenty changed PI providers several times, with each change leading to an alteration of the PI insurer's terms and conditions.

According to Rebus, a new exclusion in 20Twenty's current cover states that from 1 November 2011 to date, all film partnerships and unregulated collective investment schemes are excluded from claims - making any claims lodged during that period null and void.

When IFAonline tried to call the office number provided on De Stefano's letter for 20Twenty, it rang through to the Totus group, which Rebus asserts is a re-branded version of 20Twenty.

Totus is a previous trading name of 20Twenty, according to the FCA register.
Requests for comment about 20Twenty were passed by Totus to CMB Partners, 20Twenty's liquidators.

CMB Partners did not respond to a request for comment at the time of writing.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Investment
  • Regulation
  • FOS
  • UCIS
  • film funding

More news

evan-cook-simon-2015.jpeg
  • Investment
Simon Evan-Cook: Return to tortoise

Outlook for income

  • 27 April 2018
Nigel Thomas has spent 40 years in asset management
  • Investment
AXA IM's Nigel Thomas to retire

Chris St John to take over £3bn UK Select Opps

  • 26 April 2018
  • Retirement
Industry heavyweights back Cridland's 'mid-life MOT'

Pilots underway

  • 26 April 2018
  • Pensions
Intervention: ABI's five-point pension engagement plan

Get in early

  • 26 April 2018
  • Adviser tips
PA360 speaker profile: Janus Henderson's Scott Black

Just WOW!

  • 26 April 2018
Back to Top

Most read

Standard Life 'completes' Elevate integration
darius-casual.jpeg
Darius McDermott: Make volatility work for you
Lloyds
BlackRock, JPMAM and Schroders bid for Lloyds mandate
James Johnsen: The importance of an active pension
SIPP market consolidation to continue, advisers predict
  • About Us
  • Contact Us
  • Marketing solutions
  • Terms and conditions
  • Privacy and Cookie policy
  • RSS
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017