The Financial Ombudsman Service (FOS) has ruled in favour of five clients who invested almost £2.6m via their IFA 20Twenty Independent in a film scheme.
The five clients were advised to invest in the Crossover Film Partnerships, promoted by Crossover Capital. However Rebus Investment Solutions, which acted on behalf of the clients, argued 20Twenty Independent misrepresented the scheme by failing to make the investors sufficiently aware of the high level of risk inherent in it. The FOS agreed, and labelled the advice "unsuitable". The case hinged on whether the investors should be held liable for full recourse loans that came as part of the investment. According to Rebus 20Twenty Independent categorically stated the loans would n...
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