The current value of claims in the Class Action against the FCA is now £22,848,750 and it continues to rise every day.
We are grateful to Skandia/Old Mutual for notifying their policy holders about the existence of the action and their letter should arrive in the post of investors by tomorrow. A number of postal claims and claims under a Power of Attorney are also anticipated before the deadline.
Prudent accounting practice dictates that the FCA should now accrue for potential losses, not only as a result of this legal action but if, as we expect, we win in the European court, a legal precedent will be established for many others to follow. In 2011, the FSA estimated the UK market to be worth around £1bn and the international market, damaged by their actions, will be many times that amount.
As a footnote, personal exemption from liability (under UK law) will also be forfeit when Strasbourg rules that Human Rights have been unlawfully restricted. I wonder who might be a tad concerned about that?
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Action Group For Life Settlement Fund Investors 
Hi please can u let me know which lawyers you used to initiate the class action and who did u use for the appeal in the European human rights court. Our group would like to talk to them too. Re the LM investment management fraud,
The lawyer we used for stage one was called Nick Makin but he acted on a no win no fee basis as a favour to one of our committee members. All that was involved was writing a letter of claim. His involvement ended then as there would have been charges if we continued to use him. I took on the application to the European Court of Human Rights myself but I should point out that there are strict elligibility rules, one of which is that you must have exhausted domestic remedies which may mean going through the UK courts first. You then have six months to make an application if your case is about a breach of human rights.
Ok, thanks for that. Our is not quite the same case…but wanted to know if you had knowledge of any good no win no fee or class action lawyers that could act for overseas investors. Ours is not centred in the UK but concerns the HMRC and The FCA secondarily.
Hello Pete, have you heard of LM investment management and QROPS. Essentially many of us have lost our life savings believing we were invested in UK govt approved QROPs, only to learn after LM sank that not only should we never have been invested in LM as it was totally outside our risk profile ..but also that QROPs trustees are not protecting our interests at all. We want to sue the bond providers who legitimised LM on their platforms…
Would you have any lawyers in the UK you could point me to for a class action vs old mutual, friends provident etc. confidentially…
I would like to have a chat on the phone if you have a few mins…
Hi – I’m based in Cornwall – so a bit far! Any EEA investors can particpate but they only have until 14th Feb. You should be able to finds lots on this website about the action and I hope it helps with yours. Ours is No win, No fee initail action. Cheers, Pete
Who is the class action against and which lawyers are the initiators using?
This class action is against the FCA. The name of our lawyer will be announced later this month when he concludes another case.
Hi Pete,
Thanks, the reason for the interest is I am a LM managed performance and Mansion funds victim.
Want to initiate a class action vs the bond providers and wondered how your legal costs were structured. Is it A no win no fee and litigator funded.
Also I know some EEA victims that I wanted to pass this on to…they are in Thailand ..expatriates. Would they qualify to sign up?
Where are u based. I am in London.