Investors pursue two national IFAs over 'faulty' advice on CI payout

Laura Miller

A couple is pursuing national IFA firms Positive Solutions and 2plan Wealth Management for what they claim was negligent advice to invest in high risk unregulated investments - including using money they had received from a critical illness (CI) payout.

The couple initially took advice from a husband and wife duo of advisers when the pair were part of Positive Solutions in early 2007, at which time the investors said the advisers were aware of an imminent payment to the couple from a CI policy for the sum of £312,000. As part of the client arrangement, according to the investors, the adviser couple levied an upfront charge of £3,000 for the advice, plus, from February 2007, a £500 monthly retainer. However the monthly payments did not necessarily preclude the receipt of commission on the investments, which included putting £50,000 in...

To continue reading this article...

Join Investment Week for free

  • 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

Join now


Already an Investment Week


More on Adviser / Broking

Industry Voice: Key adviser challenges in 2023

Industry Voice: Key adviser challenges in 2023

Gillian Hepburn
clock 28 February 2023 • 5 min read

Financial adviser who preyed on the bereaved jailed for £85k theft

A financial adviser has been jailed for five years for stealing a total of £85,000 from his victims in a theft campaign targeting the elderly and the recently bereaved.

Laura Miller
clock 19 August 2014 •

IFA leaves Intrinsic over pressure to go restricted

An IFA has left network Intrinsic after he felt he was being nudged towards adopting a restricted proposition following its takeover by Old Mutual.

Carmen Reichman
clock 07 August 2014 •