The Financial Ombudsman Service (FOS) has ruled in favour of five clients who invested almost £2.6m via their IFA 20Twenty Independent in a film scheme.
The five clients were advised to invest in the Crossover Film Partnerships, promoted by Crossover Capital. However Rebus Investment Solutions, which acted on behalf of the clients, argued 20Twenty Independent misrepresented the scheme by failing to make the investors sufficiently aware of the high level of risk inherent in it. The FOS agreed, and labelled the advice "unsuitable". The case hinged on whether the investors should be held liable for full recourse loans that came as part of the investment. According to Rebus 20Twenty Independent categorically stated the loans would n...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
