Mint Financial has refused to comply with a Financial Ombudsman ruling to compensate investors in a failed Intregity Maximiser plan for 18 months while it haggles over how much to give the elderly couple.
FOS ruled last year a Mint IFA was wrong to recommend the risk averse couple, who are in their seventies, borrow £200,000 against the value of their home to invest in the high-risk geared-traded endowment policy. However Mint, which was taken over by Intrinsic in 2008, has since been locked in a dispute with the couple over the size of their compensation payout, the Daily Mail reports. In March, IFAonline revealed Mint was about to settle a £2.6m compensation bill for giving poor advice on Integrity Maximiser plans. Law firm Regulatory Legal, which acts on behalf of about 20 Integr...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
