Claims firm Rebus Investment Solutions has released yet another “adviser watchlist” despite a warning from regulatory lawyers that consumers should be wary of it.
The latest version of Rebus’s watchlist includes 10 networks and advisers that Rebus has lodged claims against.
Rebus has published its new list despite lawyers warning that it could give consumers an “entirely false impression”.
The firm employs banned adviser Richard Rhys, who was struck off by the former FSA for misselling unregulated collective investment schemes.
In its newsletter, Rebus defends the watchlist by saying it enables investors to be better informed.
It states: “It allows them to check whether those who have advised them or who are advising them have previously been found to have missold such schemes by the Financial Ombudsman Service or the courts, or are currently being investigated in connection with possible misselling by Rebus on instruction from existing Rebus clients.
“We stress that just because we are investigating misselling, [that] does not mean that there has been misselling.”
Last month, the Ministry of Justice published data showing it removed the licences of 200 claims firms during 2013 for flouting its rules.
Syndaxi Chartered Financial Planners managing director Robert Reid says: “This list is inappropriate. If there are genuine concerns about the way firms are behaving, these should be taken up with the firm and with professional bodies.
“No firm is in a position to make that level of criticism and I would be interested to see if the regulator takes any action on this kind of practices.”