The Financial Services Compensation Scheme has begun reviewing “complex” tax dodging claims against advisers.
The lifeboat fund says it has received a number of compensation claims in relation to advice to invest in schemes linked to investments such as film partnerships or environmental plans.
Because the arrangements were primarily unregulated collective investment schemes, the FSCS says it can consider claims for compensation against advisers that are no longer trading.
The FSCS has not disclosed the size of the claims it is considering or the number of potential claimants.
It says: “As these claims involve complex legal issues relating to the liability of financial advisers, we have taken external legal advice to help us assess these claims.
“As a result of this advice we can now start reviewing individual claims. We know that some claimants have been waiting a long time and we apologise for how long it has taken us to resolve these complicated issues.”