The cost to the financial services industry of addressing losses linked to Harlequin Property and advisers who sold its products is likely to run to £120m, according to investors' lawyers.
A redress bill to cover poor advice from the main distributors of Harlequin investments has already hit £60m, figures from the Financial Services Compensation Scheme (FSCS) have revealed. This number is for just two failed advice businesses, TailorMade, which to date has cost £29.6m in compensation, and 1 Stop Financial Services, which has cost £31.4m. Some of that compensation will relate to other investments. However, lawyers acting on behalf of 1,200 investors have said the final redress bill for Harlequin advice given by firms no longer trading - to be paid for by working financia...
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