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Financial Page and the AIGO Fund

The role of these unregulated introducers has been under the spotlight for a number of years with both the Financial Conduct Authority and the financial industry as a whole considering how to tackle their involvement.

These marketing companies engage in pressurised sales tactics and receive high-commissions when they make a sale( finding an investor). The marketing firms do not come under the direct influence of the Financial Conduct Authority as they are regulated.

The FCA appears to be holding the IFA responsible for advice given by the unregulated entity and this is providing some degree of protection to consumers who have been duped into investing.

Financial Page Ltd were Independent Financial Advisers who are no longer trading and the company is in administration

Financial Page promoted a number of funds for pension holders to invest in but the main one was the AIGO fund which has also failed. Financial Page used unregulated marketing introducers to find customers to invest in AIGO who could only accept the funds if Financial Page advised it was a suitable investment for the pension holder.

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TYPES OF PENSION & INVESTMENT MIS-SELLING

  • You sold an investment without having properly been advised as to the risks.
  • Your personal circumstances or attitude to risk were not properly considered
  • You were advised to invest all or most of your pension savings into a single investment
  • You are advised to transfer the pension when it was not necessary
  • You were sold in esoteric, high risk investment
  • You now understand that your investment has significantly reduced in value or is worthless

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Questions or Concerns

If your claim is settled immediately by the provider who gave the advice, then there is no limit on the size of compensation. However, if it proves necessary to go to the Financial Ombudsman Service (FOS) then there is a limit of £160,000 for complaints about actions by firms from before April 1st 2019, and a £350,000 limit for actions by firms from after this date. If the adviser or business who provided the advice has since ceased trading, then an application could be made to the Financial Services Compensation Scheme (FSCS). The limit to claims made to the FSCS is £85,000 per individual per claim.

Once a complaint is placed with a provider, they have 8 weeks to make a final response. However, in exceptional circumstances, cases may take longer to handle. If a case has to go to the Financial Ombudsman Service (FOS, or, the Ombudsman) for arbitration, then it may take longer. However, most cases do not need to progress to the Ombudsman.

If the firm you were advised by is no longer trading, you may be eligible to make a claim to the Financial Services Compensation Scheme.

Even if you do not have copies of the paperwork yourself for any reason, we can usually obtain it directly from the provider. As such, while it is very helpful, it is not always necessary to have a copy of the relevant paperwork.

Currently there is no final time limit on claims being made, though some claims may be time-barred.
 
A claim may be rejected by the provider if the advice was given more than 6 years ago, or if the investment was surrendered more than 3 years ago. However, while time barring exists in some situations, our dedication and experience means we may be able to put together reasons highlighting why your case should not be time barred.

You do not need to use a claims management company or a solicitor to make a complaint  to your lender, and if your complaint is not successful you can refer it to the Financial Ombudsman Service, The Pensions Ombudsman Service (in the case of Pension related claims) or the Financial Services Compensation Scheme (where applicable) yourself for free.

After you’ve signed our forms, our team will first obtain the relevant paperwork from the adviser. To do this, we will file a Subject Access Request (SAR) with the provider. They must then disclose all information they hold related to you. Our team will then draw up a detailed complaint report to send to your provider, on your behalf, as to why they believe you were mis-sold the investment.

If the provider rejects this complaint, your case may be referred to the Financial Ombudsman Service, Pensions Ombudsman or Financial Services Compensation Scheme, where deemed necessary and eligible. You will be provided with regular updates on your claim, and will be informed when an offer of compensation is received.

If your claim is rejected by the provider, you have the right to bring the complaint to the Financial Ombudsman Service, Pensions Ombudsman Service or Financial Services Compensation Scheme (where applicable) (FOS) for an independent review.

A Self Invested Personal Pension is a type of pension investment approved by the UK government. It allows experienced investors to personally manage the content of their pension investment, allowing them greater control over the ways that their money is invested. As such, it can appear appealing to many investors as they believe that they will make a better return on their investments. While the product itself is not a bad thing, and can be highly beneficial to some consumers, it is often sold to people who it is not appropriate for.

You can still claim

You can make a mis-selling claim against any advised investment through Financial Claims. If you believe your independent financial adviser provided you with inappropriate advice on your investment, you could be due compensation.

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