We obtained information from all relevant 3rd parties and carried our investigations which showed Miss J had been contacted by an unregulated introducer who had persuaded our client to invest in Helix bond within an ISA with Beaufort Securities.
Clients who invested in Helix Bond were unaware that their monies were pooled together with other consumers unknown to them in Tranches in order to increase the total value in order pass the minimum investment limit permissible for Helix Bond.
Consequently, our client would never be able to withdraw her monies as she was tied into a Tranche with a number of other investors who would all have to decide to disinvest at the same time for this to be possible.
Investing in The Helix Bond in an ISA with Beaufort Securities meant that our client was invested in a High-Risk Product totally unsuitable for her attitude to risk held in her savings which were inaccessible and was never informed her monies were not held as an individual investment.
Beaufort Securities acted as the stock broker for our clients ISA. Our client did not instruct Beaufort Securities to make the investment and was merely provided with the application forms via an unregulated introducer, who promoted the investment to our client.
Our findings were that Beaufort Securities were responsible for our client’s financial losses as the level of risk Beaufort Securities exposed our client to was negligent and unsuitable, and into a fund which was unregulated and illiquid.
We submitted a claim against Beaufort Securities to the Financial Services Compensation Scheme (FSCS) in April 2020.
The FSCS encountered long delays due to the complex nature of the Helix Bond investment, we assisted the FSCS in providing evidence and research to assist them in their understanding of the nature of the investment.
Furthermore, the FSCS’ progress was impeded by delays in trying to obtain information in relation to the 3rd parties connected to the case due to the administration of Beaufort Securities however, we duly assisted in obtaining the information on their behalf.
Thanks to our endeavours in July 2021 Miss J was awarded £9,598.79 in compensation.
Due to the complexity of Helix Bond as an investment we have encountered many issues with the FSCS.
The FSCS rejected our initial claims stating that due to Beaufort Securities not providing advice to the client to invest they were not responsible.
Pension Claim Consulting appealed the decisions, providing further supporting documentation and statements to prove our claims were in respect of negligence by the firm.
The FSCS further rejected our appeal on the basis that Beaufort Securities were not required to assess the suitability of the investment.
Again, we strongly disagreed with the FSCS’ decision and escalated our further appeal providing a further statement in support of our client’s cases.
Due to our perseverance and endeavours, we successfully overturned the FSCS’ decisions and the FSCS duly agree that Beaufort Securities did in fact act negligently when accepting clients into the Helix Bond investment (where clients are not experienced investors).
Subsequently all cases submitted on the same bases as Miss J’s will be treated in the same regard when the FSCS’ make their decisions
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