Cases surrounding victims of alleged international pension fraud—centred around QROPS (Qualifying Recognised Overseas Pension Schemes)—have resulted in major class actions seeking hundreds of millions over the last decade in the Isle of Man (IoM), where one case has been awaiting judgment for more than a year.
Frustrated investors, including UK expats, have claimed that they lost millions due to "fraudulent and negligent" investment schemes involving unit-linked life assurance bonds. These bonds were sold in Thailand, Indonesia, Cyprus, UAE, and the UK by unlicensed IFAs who run on commission, the cases claim. Friends Provident International (FPI) and Utmost International, formerly Quilter International, are among those who have been slapped with class action cases. To date, there has been no outcomes on many of these cases, and investors who feel mis-sold say they are still waiting for ...
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