Regulatory Legal has defended a briefing note sent to a number of Keydata Lifemark investors advising them to claim against their adviser before attempting to claim from the Financial Services Compensation Scheme (FSCS).
The note says: “It would be prudent to advance an argument against your financial adviser first, viewing the FSCS as a backstop once greater clarity is provided by the FSCS with regards to what you can and cannot claim for.”
Michael Cotter, a partner at Regulatory Legal, says: “We have been asked to provide analysis of the position for clients. Our advice is that until the FSCS position is clear in terms of eligibility and redress amount, investors should hold fire.” (article continues below)
Regulatory Legal is leading a judicial review against the FSCS’s adviser Keydata levy. Gareth Fatchett, a partner, says: “As a solicitors practice, we are duty bound to offer advice that is in the interests of clients.”