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FSCS declares mini-bond manager in default

Around 2000 customers could be due compensation after the Financial Services Compensation Scheme declared mini-bond manager Independent Portfolio Managers in default.

London-based IPM promoted two mini-bonds which have lost customers millions, according to the lifeboat fund.

While the FSCS says it does not yet know how much redress could be due, many customers already have claims against IPM with the firm itself or with the Financial Ombudsman Service, which must now be transferred as the firm is formally in default.

FSCS chief operating officer Jimmy Barber says: “We estimate that 2,000 UK customers may be affected by the failure of IPM. However, the value of potential negligence claims is still unknown. We encourage all former IPM customers who think they might be entitled to compensation to make a claim on our website right away.”

The firm’s FCA register entry shows that the regulator cancelled the permission and withdrew the authorisation of IPM in June this year.

IPM had failed to pay regulatory fees to the regulator in 2017 amounting to £1,600.

The FCA had also ordered the firm to “immediately cease to market, offer, distribute or promote bonds and mini-bonds via their website, through direct communications with consumers or through any other marketing channel,” as well as forcing it to not dispose of any assets except in the “proper course of business” like a capital distribution.

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