Network forced to pay redress over UCIS advice to WW2 veteran

Laura Miller

Network Pi Financial has lost another case at the Financial Ombudsman Service (FOS), this time over advice one of its appointed representatives gave to a World War II veteran to invest £90,000 in an unregulated collective investment scheme (UCIS).

The client, who has since died, was advised by Brian Jones, the ex-director of Clwyd-based Ravencourt Financial Services, to invest in the £40m Channel Island Stock Exchange listed Stirling Mortimer No 4 Cape Verde fund, a cell of the Stirling Mortimer Global Property fund. The unregulated scheme, which invests in right to purchase contracts for land and property in Cape Verde, has been rocked by problems including heavy falls in value and a series of legal cases it has brought against its former lawyers over the alleged misappropriation of money. Representatives of the client turned ...

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