FSCS to accept Harlequin direct investment claims

The body, which already pays out on claims against negligent mortgage advice and pension switching, changed its position on direct investments following a review. New evidence obtained through its recoveries action had shown the products were likely to be unregulated collective investment schemes (UCIS), meaning they are designated investments for regulatory purposes and qualify for FSCS protection, it said in a statement on its website. "This paves the way for more people who may have been mis-sold a Harlequin product by their financial adviser to make a claim for compensation," it a...