The Financial Services Compensation Scheme (FSCS) has so far paid out £21.2m in claims related to the collapse of adviser network Alpha 2 Omega (A2O) after finding widespread mis-selling of unregulated collective investment schemes (UCIS).
A2O entered administration in January 2010, after the then regulator the Financial Services Authority (FSA) suspended it for repeatedly failing to correct a catalogue of compliance and training failings between March 2007 to May 2009. The FSCS said in July 2011 that it had so far paid out £2m to 39 claimants related to A2O's collapse, with a further 376 claims still to be assessed, pointing to a total compensation figure of about £20m. However, this latest official figure from the FSCS suggests that estimate was conservative. It is not clear how many claims are outstanding or how much...
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