If you received advice from Greyfriars, invested in Portfolio Six or moved your pension into a Greyfriars SIPP you may want to check if you should be claiming compensation for mis-selling

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.

What was wrong with Portfolio Six?

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:

•  Lanner Car Parks
•  The Olmstead Series 
•  The Resort Group – which was subject to a BBC Panorama documentary

Greyfriars Asset Management goes into Administration

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 and wound down their DFM service in 2017.

FSCS Compensation Claims against Greyfriars Asset Management

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. 

What’s the latest with Greyfriars SIPP claims?

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 September 2020 says;

“Our legal team has finished its review of Greyfriars SIPP. This completes the FSCS investigation into Greyfriars SIPP. We’ve moved claims to our assessment teams for consideration.”

Do any of the following apply to you?

•  Transferred to a SIPP with Greyfriars
•  Invested in Portfolio Six
•  Took investment advice from Greyfriars

If so, you’d be wise to check if you have been mis-sold

Want a free expert opinion to check if you may have been mis-sold?

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.

The assessment is free and there’s absolutely no obligation to use our service if you have case.