30,000 set for compensation after FSCS action

The organisation said Exeter Fund Managers Limited (EFML) had not described the level of risk accurately on three of its portfolios after April 1 2001, meaning investors could have been misled. The Exeter Zero Preference Fund unit trust, OEIC Zero Portfolio and High Income unit trust invested in split capital investment trusts. In the years leading up to 2001, the Zero Preference and Zero Portfolio were described as low risk, while the High Income product was labelled medium risk. However, after April 2001 EFML failed to correctly state the level of risk of the three funds, and the...