High Risk Investments
Whilst Rowanmoor accepted business from numerous IFA firms over the years, it is now clear that an unusual large number of clients were introduced by C.I.B Life & Pensions Limited (CIB).
Not only that, but the business CIB was introducing large volumes of high-risk business for overseas property developments to Rowanmoor.
In total, Rowanmoor accepted 1,387 introductions from CIB, which accounted for 26.90% of all business received by Rowanmoor during 2009-2013.
The Resort Group
The TRG investment was high-risk and esoteric, so would have only be deemed suitable for a small proportion of investors.
It has come to light that Rowanmoor was aware of was the involvement of unregulated parties in promoting the high risk TRG investment.
Most of the investments in TRG were deposit based, with further funds required on completion of the property development. So, the risks were heightened not only because the properties may not have been built, but also because customers would need to find additional cash at some point when the properties were built.
The Ombudsman concluded that Rowanmoor knew that the kind of business that CIB was introducing was risky and that heightened caution needed to be exercised when dealing with these kinds of applications, even if there was a regulated advice firm involved.
They were ordered to pay compensation now!
We hope for the benefit of the investors, that the firm will not be placed into administration so that they can be fully compensated for their losses – even if they have already made a claim against the individual financial advice firms, such as CIB.
You should act now even if your complaint against any IFA firm was previously rejected.
Why don’t you call us on 0333 358 0074 for an informal chat?
We offer a free assessment of your situation and may be able to give you an idea if you are owed money redress.
Please note that if we find that you seem to have a clear understanding and feel confident to deal with the case yourself – we don’t hold it against you!