The Royal Court in Jersey has ruled clients of advisory firm Alternate Insurance Services are entitled to more than £1m in compensation after it was found the firm had provided misleading advice.
On Friday the Court found in favour of the Jersey Financial Services Commission (JSFC) in 27 of the 28 cases it brought against the firm in the belief the members of the public were “recklessly misled” by their financial adviser Alternate. The Court ruled because of the advice given, the investors in question bought high-risk investments believing they were low-risk and, as a result, lost significant sums of money, leading the judge to award compensation totaling £1,564m to the investors to restore them to their previous position. The JFSC says the action was brought against the firm aft...
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