Leeds-based IFA Lampott Ltd must defend a £2m claim for damages at the High Court, after it invested more than a third of a company pension scheme in failed life settlement firm Keydata.
Lampott is one of the 537 firms lawyers for the Financial Services Compensation Scheme (FSCS) are pursuing for recovery of Keydata-related compensation payouts. This week, in a separate case, court proceedings have been issued against Lampott by trustees of a workers' pension scheme at small North Yorkshire firm, Micro Metalsmiths. Lampott disputes their claim that its principal, Richard Lamborn, was negligent to recommend investing £2m of the company's fully-funded £5.7m pension scheme in Keydata, on the grounds it was 'low risk'. Lamborn told IFAonline the level of due diligence ...
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