Financial advisers will be held liable for losses suffered by clients in relation to three Stirling Mortimer funds if misselling can be proven, the Financial Services Compensation Scheme (FSCS) has said as it started processing claims.
The scheme said in a statement on 13 March it is now satisfied IFAs who advised clients to invest in the beleaguered overseas property scheme can be held liable if they are found to have given bad advice. It said it will start processing claims in relation to the No.4 Cape Verde fund, No.6 Morocco fund and No.7 Cape Verde II fund. The decision on whether to compensate advised investors had been held back by an investigation into allegations of fraud committed against the investments carried out by the Serious Fraud Office in the last year. The scheme stated: "FSCS has considered th...
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