Investors in a beleaguered overseas property scheme have been told there is no prospect of them receiving compensation until a fraud investigation into the investment has been concluded.
The Financial Services Compensation Scheme (FSCS) said it has received a number of claims against advisory firms that are no longer trading for allegedly unsuitable advice relating to investments in Stirling Mortimer funds. But it said it will not decide whether it will pay investors compensation until after the investigation by the Serious Fraud Office (SFO) is completed. Unregulated Stirling Mortimer invested tens of millions pounds of UK savers money in the Cape Verde islands in the run up to the financial crisis, when property development was booming. The funds - often sold as ...
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