View the article online at http://citywire.co.uk/new-model-adviser/article/a662208
FSCS refuses to compensate Rockingham investors in ARM
by Daniel Grote on Feb 28, 2013 at 10:47
The Financial Services Compensation Scheme (FSCS) has said it will not be compensating clients of defunct advice firm Rockingham Independent who invested in troubled life settlement fund ARM.
'Therefore, FSCS does not consider that Rockingham owes a civil liability in respect of losses that claimants may have suffered in relation to ARM investments,' it said.
The FSCS said it believed the legal cause of investors' losses was the Luxembourg regulator's decision to reject ARM's application for authorisation.
'We believe these were not the type of losses which Rockingham was legally responsible for warning investors about. For these reasons, FSCS believes Rockingham does not owe a civil liability to investors and, accordingly, we are unable to uphold claims.'
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.
More about this article:
More from us
- FSCS declares IFA Rockingham in default
- Rockingham investors rescued from Sipp limbo
- Rockingham blames liquidation on ARM collapse
- Ex-Rockingham employee launches Sipp lifeboat for ARM investors
- FSCS considers Rockingham claims
- Rockingham falls into liquidation as ARM complaints take toll
- Rockingham investors take complaints to FOS
- Advisers could have to pick up any Rockingham bill
- Rockingham directors launch new IFA firm
- FSA fines Rockingham £35k over Ucis mis-selling
- Rockingham client money held in limbo
- FSA withdraws Rockingham's advice permissions
- Rockingham offered to invest 100% of pensions in life settlements
- Rockingham may scrap advice arm after FSA visit
- Troubled life settlement fund takes fight to FSA over frozen assets
by Jun Merrett on Jul 29, 2014 at 13:52