A director of a Wolverhampton based Financial Advisory Company (’the company’) has been banned for eight years following unregulated overseas investments which resulted in substantial losses for the company’s clients.

Tim Thompson of Kangs Solicitors outlines the circumstances.  

The Circumstances | Kangs Director Disqualification Solicitors

  • The company was authorised to provide Self Invested Personal Pensions Schemes advice.

Enquiries conducted after the company entered Creditors Voluntary Liquidation in 2018 revealed that:

  1. around £8.3m of client money had been invested in unregulated overseas investments without the knowledge of its clients.
  2. the director had paid himself more than £247,000 through the company which amount was neither disclosed to nor agreed by the company’s clients. 

Insolvency Service Comment | Kangs Insolvency Proceedings Solicitors

Dave Elliott, Chief Investigator for the Insolvency Service, commented that:  

‘[the company’) was entrusted with millions of pounds to invest in legitimate pension investment schemes. The Wolverhampton director, however, totally disregarded his clients’ interests and caused substantial losses when he invested eight million in unsuitable products.

Eight years is a significant ban and removing [the director] from the corporate arena will protect investors from further harm due to his poor investment advice.’

How Can We Assist You? | Kangs Director Disqualification Proceedings Solicitors  

The Team at Kangs Solicitors is accustomed to both defending and pursuing actions involving insolvency in all its forms, including Director Disqualification Proceedings.

If we can assist you, please feel free to contact our Team through any of the following who will be happy to provide you with some initial advice and assistance. 

Hamraj Kang
hkang@kangssolicitors.co.uk
07976 258171 | 020 7936 6396 | 0121 449 9888

Stuart Southall
ssouthall@kangssolicitors.co.uk
0121 449 9888 | 020 7936 6396

Tim Thompson
tthompson@kangssolicitors.co.uk
020 7936 6396 | 0121 449 9888

Naz Maqsoom
nmaqsoom@kangssolicitors.co.uk
0121 449 9888 | 020 7936 6396