The Financial Services Compensation Scheme has paid out more than £3m in claims relating to a collapsed IFA firm which advised clients to invest £35m in a series of property developments.
In October the FCA fined two directors of Surrey-based Bentley-Leek Financial Management a total of £885,000 and banned them from holding any position at a financial firm.
Mark Bentley-Leek and Mustafa Dervish were found to have lacked integrity and misled clients. They advised over 300 clients to invest some £35m in a series of property developments which were affected by the economic downturn.
The FSCS declared Bentley-Leek in default in April and by October had paid out over £800,000 in claims related to the firm.
It says it has now paid out more than £3m in claims and has received a total of 262 claims.
Of those claims, it has made decisions on 87 and offers on 70.