Investors await FSCS rescue as mis-selling IFA enters liquidation

Turnberry Wealth Management - which entered liquidation on 27 March - has lost at least three cases at the Financial Ombudsman Service (FOS). The FOS ruled the IFA advised clients to invest in high risk unregulated schemes that were unsuitable for them. One was an investment in a scheme that could have resulted in 100% loss of capital, in order to reduce the client's tax liability. In another case, Turnberry recommended a client borrow money to invest in an unregulated scheme, also to save tax, that would leave the client with about 50% of his non-pension assets in unregulated inve...