Client Background

Appointed by the Court as an independent witness Complyport’s expert had a duty to be impartial.

Issue Before the Court

An IFA had failed to pay consideration following an acquisition of a smaller IFA business. It argued the vendor had breached warranties in that client files exposed multiple breaches in regulations. The vendor was seeking to recover consideration owed. The purchaser counterclaimed that the costs of remediation exceeded consideration due.

Challenge

A sample of in excess of 150 cases required expert review. Advice ranged from protection through to pension transfer cases. Depending on when the advice was given, alleged breaches related to both the older COB rules as well as COBS rules. Shortfalls in SYCS (systems and controls) were also alleged.

Solution

Complyport was able to provide regulatory experts qualified also to the highest levels in terms of having the necessary advice qualifications and experience of delivering advice across all categories in scope. The expert used had experience of Court work, knew the importance of detail and understood Court processes.

Benefits

Both parties had the opportunity to question the expert’s findings. Confidence in the outcome was key. Advisers are rarely also regulatory experts. Having the combined expertise reduced overall costs to the parties.

Further Information

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