The FSA has secured almost £4m in compensation for victims of an unauthorised collective investment scheme.
A High Court ruling earlier today confirmed the immediate distribution of £3.717m in compensation to investors in Upton & Co Accountants Limited, on a pro-rata basis. Upton has also agreed to make further monthly payments of £10,000 which will be returned to investors in due course. The ruling comes after the FSA included ‘unregulated collective investment schemes' in its new RDR definition of ‘retail investment products'. Advisers would need to have these schemes on their radar to be considered 'independent' post-RDR. The Wakefield-based firm, which has never been authorised by th...
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