The Financial Services Compensation Scheme (FSCS) could face paying out tens of millions of pounds linked to claims of bad advice to invest in film and property schemes, as an advice firm teeters on the brink of default.
According to a notice posted on public record website The Gazzette, advice and accountancy firm Chancery UK LLP, later trading as Suber PCS, held a voluntary insolvency meeting at the end of September. Claims management firm Rebus, which is familiar with the proceedings, said the advice business is approaching liquidation, but that the creditors' meeting has been postponed and is now scheduled for two weeks' time. Rebus is acting on behalf of 83 clients who were sold film and property schemes through unregulated collective investment schemes (UCIS) by Chancery. Rebus' clients, most...
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