The FSCS often takes up to 6 months or more to decline or uphold a claim, his justification for the standstill agreement is to gain him an aditional 60 days to decide whether to take me to court after the FSCS make their judgement. If the FSCS rules in his favour then this will be the end of the matter, if not, he will no doubt come for me.
Yes, I provided advice and a complaint has been upheld by the ajudicator, however the complaint has now been forwarded to the Ombudsman as I am appealing as I feel it unjust. The complaint was lodged with us in June 2013 and we responded turning down his claim well within the 8 weeks we are allowed. In September last year the other FCA authorised company were found liable for producing and distributing missleading literature to IFAs and the public regarding the investment and the FSCS have invited investors to make claims to them citing the company at fault.
Assuming my client is awarded compensation form the FSCS then as far as he is concerned this will be the end of the matter, however, if his claim fails then he will require re-imbursement elsewhere
Work for a firm, director/owner, P.I insurance is an annual renwable insurance and all insurers refused to cover this type of investment after at the Oct 2011 renewal, this is the same for all P.I insurers and the advisors they cover, so we were covered up to 2011 but not after. The complaint is the car crash in our industry so the insurer who took the risk whaen the advice was given has no liability,
Yes, I still work for/own the same firm
Hi, so you are clarrifying that if I sign the stand still agreement that has a space for me to sign as a director of the firm and with my individual name then I will not be held personally liable, see the clients e-mail, he seems to think different:
Thank you for your telephone call yesterday.
You are quite right that you are personally joined in this agreement.
This is because you have advised that you no longer have insurance cover.
You also advise that you will be the sole director in two weeks time.
If we were to apply to the court for a protective writ, we would seek to include you in this writ. The standstill agreement seeks to avoid the not insubstantial costs involved in obtaining the writ.
I have had a word with my barrister, and he says that by signing the standstill agreement you will not be admitting any liability for the advice or my losses. The purpose of the agreement is simply to keep the matter open until the agreement is terminated in accordance with its terms. In other words, if it ever becomes necessary to bring the case to court, you will still be able to rely on all the defences and arguments now open to you.
If I dont sign the agreement then the client will issue a protective Writ regardless, what does this mean to:
A: My company
B: Me personally
And is it a better option than signing the standstill agreement
I am the director/owner of the limited company, therefore I would be speaking to myself, I have 6 other advisers/staff. I am an employee of my own limited company