High Point Trustees were established in 2007 and based in London.
They were previously known as Citadel Trustees until they changed their name in 2014 to High Point Trustees.
They were declared in default by the FSCS in May 2021 after several months of investigations, which are still ongoing.
The FSCS usually declares a firm in default when they are satisfied the firm is unable to pay claims for compensation made against it.
According to reports, there are 270 FSCS Claims against High Point Trustees.
In a statement in September 2020, the FSCS said: “This is a complex area and we are working closely with our legal team, the firm’s administrators and other third parties, to establish what regulated activity may be protected by FSCS and what levels of due diligence the Firm carried out.”
They confirmed in February this year they were in the final stages of their investigations and were assessing sample claims.
According to the FSCS, the claims made against High Point Trustees relate to a failure to carry out sufficient due diligence.
This is in respect of non-standard investments for which they acted either as trustee or escrow agent. These investments include:
There were also reports that Citadel Trustees were connected to a Carbon Credit scheme that was sold by an investment company called Diffraction Limited. Diffraction Limited were forced to close by the high court for “making false claims” to investors.
Pensions and investment mis-selling is largely based on suitability and due diligence. The financial product being recommended must be suitable for the customer.
This is based on factors such as understanding how the product works, attitude to risk, and the investment itself.
All FCA regulated companies, such as Advisers, Pension Providers and Trustees, are subject to strict guidelines and rules. If they don’t stick to them, not only could they be exposing their clients to unsuitable risk, but this may be mis-selling.
Whilst each case is individual, as mis-selling specialists, we know to look for certain signs that in our experience indicate that mis-selling may have happened.
Our assessment is free and there’s absolutely no obligation to use our service if you have case.
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You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.