The Financial Ombudsman (FOS) has put on hold all complaints related to Lehman-backed products sold by Meteor Asset Management while it investigates "a greater issue" around the firm and claims against it.
The FOS has been investigating complaints from some Prima Growth Plan 7 investors since 2009. They claim Meteor's failure to keep them informed of the downgrade of the Plan's counterparty, Lehman Brothers, caused them a loss beyond the fall in global financial markets in 2008. However the FOS has written to one investor who had over £100,000 in the Prima Growth Plan saying all complaints related the Plans and Meteor are being delayed because they form part of a "greater issue" the Ombudsman is investigating. The letter dated 21 June 2011 states: "As your complaint forms part of a g...
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
