Investors pursue two national IFAs over 'faulty' advice on CI payout

A couple is pursuing national IFA firms Positive Solutions and 2plan Wealth Management for what they claim was negligent advice to invest in high risk unregulated investments - including using money they had received from a critical illness (CI) payout.

The couple initially took advice from a husband and wife duo of advisers when the pair were part of Positive Solutions in early 2007, at which time the investors said the advisers were aware of an imminent payment to the couple from a CI policy for the sum of £312,000. As part of the client arrangement, according to the investors, the adviser couple levied an upfront charge of £3,000 for the advice, plus, from February 2007, a £500 monthly retainer. However the monthly payments did not necessarily preclude the receipt of commission on the investments, which included putting £50,000 in...