Aegon Scottish Equitable International (ASEI) has been accused by an adviser of publishing misleading literature for a cash deposit fund offered by Kaupthing Singer & Friedlander IOM (KSFIOM).
This led to a failure to transfer £90,000 of his client's assets out of the fund before the bank went into administration. The client asked for his cash, held through an ASEI bond, to be moved out of the account five days before KSFIOM closed its doors after becoming nervous about the bank's stability. He followed ASEI's procedures for making a transfer and was assured by telephone for five successive days that the transfer would be made, but the funds were not returned. ASEI eventually confessed that KSF had invoked its rights not to permit withdrawals but the adviser said he had not b...
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