About 500 investors are considering making mis-selling claims against their advisers for recommending unregulated collective investment schemes (UCIS) linked to the film industry over the past ten years, the FT reports.
The Financial Times said film investment schemes have left investors potentially facing multi-million pound bills after HM Revenue & Customs (HMRC) statrted proceedings to remove their tax relief. Rebus Investment Solutions (RIS) is one of the firms acting for the complainants. It dubbed the mis-selling of the investments as "payment protection insurance (PPI) for the wealthy". The firm's Alastair McEwan said: "The financial services industry devised PPI for the man in the street, interest rate swaps for businesses and UCIS for the wealthy." The FT said Rebus was representing more ...
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