View more on these topics

Investors chase advisers over film scheme tax fraud

Money-UK-Currency-Notes-Mosaic-480.jpg

Nine investors are pursuing their financial advisers for a total of £12m after being advised to invest in a film tax avoidance scheme.

Yesterday, the Crown Prosecution Service announced it is to prosecute five men in relation to the scheme following an HM Revenue & Customs investigation.

It is alleged between January 2002 and July 2011, the five falsely claimed the value of allowable losses and defrauded investors through false accounting documents.

The nine investors say they were advised to place investments in the £125m scheme, but were not made aware of the risks involved by their respective financial advisers.

Claims firm Rebus Investment Solutions is representing the nine investors. The highest individual claim is for £1.8m.

Rebus head of client relations Martin Taylor says there are three advice firms involved but declined to name them.

He says: “The investors are now looking as though they could have lost their equity and they have not had any tax relief. They could be in a catastrophic position.

“This has come to light and clients are wondering what it means for them and the uncertainty is going to be there for a considerable time.”

Recommended

2

Hargreaves looks to lower minimum advice threshold to £20k

Hargreaves Lansdown is looking at reducing the minimum investment required to access its advice services from £50,000 to £20,000. Hargreaves chief executive Ian Gorham told a stock exchange conference this morning the firm is exploring the move which would see lower end clients receive a telephone-based advice service. Hargreaves head of advice Danny Cox says: […]

Aviva pays out 94% of IP claims

Aviva paid out on 94 per cent of individual income protection claims and 93 per cent of critical illness claims during 2012. The insurer also paid on 99 per cent of life insurance claims last year. Aviva’s claims statistics, published today, show protection policies resulted in a payout of around £470m across life, CI, and individual […]

5

Judge dismisses mortgage misselling case as client was ‘negligent’

A court has dismissed a negligent advice claim against a Savills Private Finance broker despite finding the adviser had been in breach of his duties, as the client was guilty of “contributory negligence”. The case has lead experts to point out that mortgage misselling claims are not as straightforward as payment protection insurance. The case related […]

1

Advisers attack ‘meddling’ Labour over financial services policies

Advisers have hit out at Labour’s alternative Queen’s speech, claiming the party is indulging in “fantasy economics” and “meddling” in areas it does not understand. The Government will unveil its legislative agenda for the coming year on 8 May with bills on long-term care funding, banking and state pension reform. This week, Labour leader Ed […]

10 September thumbnail

Johnson Fleming set to hold auto-enrolment support webinar

Two years since the process of auto-enrolment began, the looming re-enrolment deadline provides the perfect opportunity to assess whether the support you have in place, which may well have been hastily selected at the start, is fit for purpose. Johnson Fleming is holding a webinar on 10 September at 11:00 to discover the key issues and concerns you should consider when thinking about your current support options.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Gillian Cardy @ IFA Centre 1st May 2013 at 1:26 pm

    I thought that name sounded familiar and I wasn’t wrong … any adviser who has ever done business in the film partnership field might do well to batten down the hatches before Mr Taylor works his way through the Rolodex of all his old IFA contacts …

  2. Isnt this the same Mr Taylor that used to flog unregulated investments – possibly not but I am sure I read that somewhere.

  3. Talk about poacher turned gamekeeper.

    No conflicts of interest and data protection issues here then folks.

    I just hope any advisers involved have compliant records so that the ‘clients’ of Rebus can then sue them when they end up with further expense having been given false hope that they will get some of their money back.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com