The DFM side of Greyfriars Asset Management has closed down, some time after the financial watchdogs told them to “cease managing investments for new money”, making special mention of Greyfriar’s Portfolio Six group of investments.
Greyfriars as a company still has a “section 166” over its head, which means that the FCA may have concerns over the firm’s practices, and has suspended aspects of it’s trading until a skilled third person has reviewed those practices.
What Is In Portfolio Six?
After an investigation published in Citywire, it was revealed that some of the investments within portfolio six were high-risk overseas property investments – suitable only for richer clients with plenty of investment experience.
Overseas property investments are often involved in mis-selling scandals as ordinary pension investors (like those with SIPP pensions) are persuaded to make these high-risk investments, without being properly assessed to see if those investments are suitable for them.
Many of these people have used Get Claims Advice to make a claim against their financial adviser for advising they make the investments.
When asked about the future of Portfolio Six, Greyfirars said that had taken the decision to close P6 in 2016.
Sell-Off to 7IM and LGT Vestra
Many people who had an account with Greyfriars made now find themselves heading towards 7IM and/or LGT Vestra, as approximately three-quarters of client accounts are heading to the 7IM platform – around £60m worth.
Claims for mis-selling
Get Claims Advice specialists in mis-sold SIPP and investment claims, and offer everyone a free initial assessment of their SIPP to see if they can make a claim. No obligation, just a chat with a specialist to lay out your options.