Compensation Fund Pays Out £3.75M To Wealth Firm's Clients

Law360, London (June 11, 2021, 2:21 PM BST) -- Britain's financial lifeboat fund has said it paid out just under £3.75 million ($5.3 million) in compensation to 88 customers who lost out when embattled wealth manager Greyfriars went bust, with most of the payments covering bad pensions transfer advice.

The Financial Services Compensation Scheme said that it paid the redress to customers of Greyfriars Asset Management LLP, a wealth manager that went under in 2018. It had been hit with a negligence claim over bad advice it gave to a client about their self-invested personal pension, or SIPP.

"We have paid out just under £3.75 million to 88 successful claimants," a...

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