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Moneyforums
Veteran Investor
Joined: 18 Jun 2004
Posts: 598
Cash Points ££ 250.42
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 Posted: Sat Jan 01, 2005 6:37 pm Post subject: David Aaron Partnership Compensation announced |
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THE wait for compensation for investors involved in the David Aaron Partnership mis-selling scandal could finally be nearing an end. The Financial Services Compensation Scheme has found the firm in default, which means it will now take over compensation claims from around 2,000 investors mis-sold high-risk precipice bonds by the financial adviser.
The David Aaron Partnership, which also traded as David M Aaron, crashed into receivership in December 2003 over the sale of the bonds. It called in administrators after it realised it could not meet the cost of potential future claims from clients who had bought precipice bonds on the back of its mailshots.
The Financial Services Authority said the group 'actively downplayed' the risks associated with the bonds, which are often taken out by pensioners to provide an income.
FSCS chief executive Loretta Minghella said: 'This is a large, complex default and we recognise that investors have been worried about what is happening. However, we can now consider claims against both firms, so there is light at the end of the tunnel.'
The FSCS said it will take around nine months to process the 2,000 claims. It examines claims in the same way the Ombudsman would. Its payouts are limited to a maximum of £48,000. It will pay all of the first £30,000 of a claim per person and 90% of the next £18,000.
Like many financial advisers, Aaron used the market boom of the Nineties to change the way he did business. Rather than simply advise, Aaron went for the hard sell of investment products through the use of dubious direct marketing literature, often carrying endorsements from 'independent' experts.
It had a mailing list of around 160,000 potential customers, who it targeted with publications promoting a variety of different products, which it sold both with and without advice.
The FSCS estimates the cost of the compensation claims will be between £10m and £14m. |
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