Rebus Group has launched an advisor watch list for investors who have either invested in complex schemes or who may be considering investing, to check up on their financial advisors.

Rebus Group, an informal regulator of the investment industry, has launched the Rebus Adviser Watch List, a look-up tool for investors who have either invested in complex schemes or who may be considering investing, to check up on their financial advisors. 

The list shows whether advisors have previously been found by the Financial Ombudsman Service or the courts, to have mis-sold such schemes or are being investigated by Rebus in connection with possible mis-selling.

“The FSA created the environment for these complex investment schemes, yet failed to maintain appropriate oversight of them or the firms selling them, and we are now starting to see the real truth of these schemes – whilst the regulators are nowhere to be seen.  We want consumers to know that we are on their side, and will be working to ensure that as much of their investments are repatriated,” said Martin Taylor, head of client relations at Rebus Group.

The group is currently investigating 379 schemes and represents almost 700 investors who have invested in one or more of these schemes.

“This list highlights the sheer scale of the problem, with many investors still tied into investment schemes that should not have been sold to them,” the group explained in a statement, which also stated that the list is the first of its kind.

The list includes IFA’s, private banking, wealth management, and professional services, which are currently engaged with Rebus clients, to either review the advice provided, or to pursue claims relating to complex investment schemes. The group is currently investigating 1,264 claims worth between £100,000 and £10 million – with the total value for all claims around £684 million. 

“We believe that many investors have been unfairly mis-sold investments by these advisors, and over the past two years, we have seen numerous investors who have lost a lot of money because of being mis-sold UCIS – some of whom have faced bankruptcy. Considering that UCIS products have been banned for retail investors, many individuals may still not be aware that they are tied up in these schemes. Added to this, we have seen firms claiming insolvency to avoid paying the investor back, and quite regularly, will then start operating again under a different company name,” added Taylor.

As such, the group said that it was calling for the introduction of a mandatory register of all UCIS schemes, past and present; the creation of a UCIS redress scheme to ensure that investors who lost out as a result of mis-selling are compensated; and finally, amending insolvency legislation to prevent IFA firms from entering into insolvency so as to avoid paying their dues.

The list will be available at www.investorcentral.co.uk.