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Former AR appeals High Court decision

Mark Wayman

Former appointed representative Mark Wayman has lodged an appeal against a high court ruling that found him liable for a £526,000 misselling claim after his principal firm’s authorisation ceased.

In a case heard in Manchester Civil Justice Centre last month, judge Mr Justice Hodge found Endowment Surrender Plus sole proprietor Wayman (pictured) missold life settlement policies to two clients, both professional trustees.

ESP was an appointed representative of Becque Wayman Investments Limited when Wayman gave the advice in 2003.

BWIL ceased to be regulated in April 2009 and the clients lodged the complaint in November 2009.

Wayman argued the advice contract was between BWIL as the principal firm and the clients.

Hodge found that while BWIL elected to monitor and supervise ESP and was liable for acts and omissions of ESP, the contracting parties were ESP and the clients.

The judge ordered Wayman to pay £426,000 in compensation, plus interest of 1 per cent above base rate on that amount since November 2003 and court costs of £100,000.

Wayman, who gave up his adviser authorisation in 2009, says his professional indemnity insurance was through BWIL and the firm was unable to secure run-off cover when it ceased to be authorised.

4 Pump Court barrister Anthony Speaight QC lodged the application for permission to appeal last week.

Wayman says: “This decision has far-reaching implications for thousands of ARs and it is very important we get this overturned.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. All ARs should back this.

  2. …or just give good advice in the first place?

  3. Nicole

    Can you give me the full names of the parties to the action? Do you happen to have the case citation?

    This case Could have wide ranging ramifications indeed.

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