Greyfriars Asset Management LLP were a SIPP provider company that were also authorised to provide financial advice, as well as Discretionary Fund Management (DFM) services.
In 2016 they were requested by the FCA to stop accepting new money into their DFM Portfolios, in particular Portfolio Six, on a permanent basis.
Portfolio Six received a lot of media attention, mainly due to the fact that it contained several high-risk investments which were unsuitably marketed to investors.
These investments included;
Shortly before going into administration in October 2018, Greyfriars sold the advisory arm of the business to Insight Financial Associates. They then went on to agree the sale of their SIPP book to Hartley Pensions. They wound down their DFM service in 2017.
In February 2019 the FSCS began accepting claims against Greyfriars in relation to their investment portfolios.
They are also assessing claims against Advisers, who are also in default and had advised their clients to invest through Greyfriars.
One notable advice firm linked to Greyfriars portfolio six is Consumer Wealth. They went into liquidation following more than a dozen FOS complaints against the firm.
Most of the clients were advised to transfer their pensions into SIPPs which contained high-risk, non-standard investments, of which many are now illiquid.
During the course of their investigations the FSCS discovered that there weren’t just issues relating to the DFM side of things, but also claims specifically related to SIPPs.
The latest update on the FSCS website from May 2020 says;
“FSCS’s investigations into Greyfriars Asset Management LLP and specific SIPP issues are continuing. The process has moved to our legal team, who are looking at Greyfriars’ activities to identify the specific regulatory breaches that may have occurred”
If so, you would be wise to check if you have been mis-sold. If you have been mis-sold you could make a complaint and claim compensation.
If you’d like to know more about how the mis-selling process works and how we can help call 0114 2664216 and have a chat with one of the team.
We’ve helped hundreds of people make successful claims for compensation.
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 Compensation Scheme, whichever is applicable to your claim.
We will not make or pursue a claim, or advise you to, if we know or have reasonable grounds to suspect that the claim does not have a good arguable basis, and or is fraudulent or frivolous.