An IFA has helped four investors sold the Integrity GTEP maximiser product win more than £370,000 of redress from the Financial Ombudsman Service.
Ned Naylor & Co principal Ned Naylor says he has another five investors with complaints nearing settlement for additional redress of over £400,000.
All but one of the clients were sold the product by an IFA, with the remaining consumer buying direct from Integrity.
Naylor says the product was widely missold to clients because it offered high commission.
He says: “Any IFA with a modicum of common sense, mathematical ability and a pocket calculator would be able to conclude the Integrity product was sold for adviser profits, not consumer interests. The sale of this Integrity GTEP product is probably the worst example of the excessive greed some firms emp-loyed to make money.”
Former Integrity chief executive Iain Stamp says: “Two well-respected City law firms agree that our sales material was rel-evant and clear. If IFAs targeted these plans to the wrong type of consumer, that was out of our control.”