Greyfriars Asset Management LLP have now closed their investment portfolio management business, long after first being asked by the FCA (and agreed to) not put any more new money into any of its DFM Portfolios, particularly Portfolio Six on a permanent basis.
It’s bound to raise questions from people who invested with Greyfriars Asset Management, particular in Portfolio Six, so here’s a few answers.
If you’ve invested either through Greyfriars or on their advice, you can have your pensions and investments checked for mis-selling claims by our specialist team here at Spencer Churchill Claims Advice.
You may have a mis-sold SIPP claim worth £thousands!Get started now
When working as a DFM provider, Pension Provider or a financial adviser, Greyfriars had responsibilities to their clients and a duty to follow the FCA’s rules and procedures when dealing with pensions.
Then you may have been mis-sold, and you could be able to make a claim for negligent pension advice.
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Portfolio 6 (a collection of investment bonds created by Greyfriars) got special attention from the watchdogs at the FCA, possibly because it featured a lot of high-risk investments and may have been marketed to people who aren’t suitable for such risk when it comes to their SIPP pensions.
We know that in November 2016, the portfolio included some of these high-risk investments and mini-bonds, containing £40m and with 1000 investors.
The Resort Group: The focal point of a BBC Panorama documentary about #RipOffPensions. It is a high-risk and FCA-unregulated overseas property investment.
Lanner Car Park: Another high-risk and unregulated investment, this time involving car parking spaces.
The Olmsted Series: Again, high-risk and unregulated. This one is a real estate investment in the USA.
At least 3 high-risk investments. Did you want to take risks with your pension?
Speak to a claims handler for a free, no-obligation initial assessment to see if you can make a claim over Greyfriars.
In late 2016, it was revealed that the financial services watchdogs at the FCA had asked Greyfriars to “cease accepting any new money into the Greyfriars Asset Management Portfolio Six (“Portfolio Six”) on a permanent basis”, as well as any other portfolios they may have.
Greyfriars agreed; the FCA clearly had concerns.
Due to investigative work done by Citywire, it was revealed that the portfolio had at least 3 high-risk investments inside, including two high-risk overseas property investment, and one car parking investments; generally non-standard and illquid underlying investments.
Greyfriars Asset Management LLP entered into Administration (a type of insolvency proceeding) back in October 2018, with Adam Stephens and Henry Shinners of Smith & Williamson as joint administrators.
Prior to the administration, the firm sold-off its advice business to another company: Insight Financial advisers, and the administators sold their SIPP Provider company to Hartley Pensions.
Published in Jan 2019, the Administrator’s Proposal said:
‘Since late 2016, the LLP [Greyfriars] has been subject to a Voluntary Requirement in respect of the Financial Conduct Authority, and which restricted certain business operations of the LLP, leading to the partners seeking a sale of the business.’
‘The LLP’s partners were aware of a contingent liability, which had the potential to reach several million pounds, if crystallised, which created a solvency issue for the LLP going forward.’
In short, because of the FCA voluntary restrictions on bringing in new business due to concerns, the company was losing money, and a sale was sought.
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Discovering whether you have a claim relating to Greyfriars Asset Management could be the key to claiming back thousands.
If you dealt with Greyfriars about pensions or investments for any reason since 2003, our claims handlers are more than happy to chat, especially if:
Bad is the wrong word.
Some investments are high-risk, some are low.
Portfolio Six is known to have contained a few High Risk investments, which would make it unsuitable for a lot of people, and so it’s the advice that led people to invest that could be ‘bad’, ‘negligent’ or ‘unsuitable’.
If you had a SIPP with Greyfriars, then it could be that yours was bought by Hartley Pensions.
Hopefully, it was one that didn’t feature any investments that were unsuitable for you.
If you want to check, just call us up on 01204 929929 for a free, no-obligation chat with one of our claims specialists.
That kind of stuff happens a lot. Some advisers recommended Greyfriars as a SIPP provider, and it could be that you have a claim against them rather than Greyfriars itself!