Former appointed representative Mark Wayman has been granted leave to appeal a high court ruling that found him liable for a misselling claim worth more than £675,000.
In a case heard in Manchester Civil Justice Centre in October, 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. He was no longer a director or shareholder in BWIL at the time.
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 but Hodge found that while BWIL elected to monitor and supervise ESP and was liable for the 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 in November and the Court of Appeal granted the application on 31 January.
Wayman says: “This is an important case that could affect many ARs.
“I have virtually exhausted the available assets on the costs of the defence so far, having spent over £60,000. I would be very interested to hear from any organisation or individual who may be able to help fight this appeal.”