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Broker Talkback

Is the Financial Services Compensation Scheme right to chase Abbey for precipice bond misselling costs where the adviser firm has gone bust?

Yes 75%
No 25%

Yes “If they have done wrong, they should have to pay compensation. There is no doubt about. Law and order has to exist and it has to be enforced.”

Stephen Foster, Stanmore Financial Centre

Yes “It depends on who was at fault for where the onus lies but you are always going get schemes like the FSCS who try to spread liability. If Abbey promoted misleading advice, perhaps they should share the load in the industry’s problem.”

Ken Whitworth, IFA

Yes “Otherwise, the costs will fall on everyone else in the industry.”

Alan Thompson, Alan Thompson Financial Services

Yes “Abbey must be held responsible for the advice that was given, that is only fair.”

Pravin Bhatt, Bhatt & Associates

No “I think if an adviser has given advice then that is traditionally and legally where the advice ends and a provider is not responsible for that advice.”

Dennis Frank Allum, The Financial Health Bureau

No “Abbey did not sell the product, the adviser did. If it was the product that was faulty, then Abbey should be pursued for every claim, not just for IFA firms that have gone out of business.”

Peter Lammas, Peter Richards Financial

Yes “If an adviser has gone bust and Abbey has a part to play then they should be chased as the second source.”

James King, Price Bailey

Yes “It depends on what the bond has done as some of the older ones lacked transparency. But if Abbey has done all it can, then they cannot be faulted.”

Dr Jeremy Davis, 35 Finance


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