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Buachaill, Barrister
Category: Law
Satisfied Customers: 10974
Experience:  Barrister 17 years experience
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Hope someone can point me in the right direction. I have

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Hi, Hope someone can point me in the right direction. I have known my accountant for around 13 years and he is a quiet reliable man. Three years ago i mentioned that my father and i were looking to invest some money and he told us of some property investment schemes that he was involved in. He only dealt in fixed amount of money and he guaranteed the return of the capital. Everything was going well until last year he mentioned that one of his clients was implicated in a case with the police and the police had now frozen his account with all our investment money. He comes regularly to our house to assure he will pay everything back and their a=countless emails and statements between us to say so he will. The court case is now due in September but it keeps moving and i guess my parents and i are having to think are we really protected or face the facts that collectively our investment of £60K is lost. I am trying to keep a measured view on this.
What do you think?
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Customer: replied 2 years ago.

Hi Nicola

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Thank you for your patience,
1. Dear Kulwant, I would fear the worst in this situation. Normally, things have to be very bad for a case to go to court and the monies frozen. This normally means that there is some sort of fraud. In such circumstances, investors never get all their money back. Accordingly, you should first find out if this accountant was regulated under the Financial Services Act. If he was, then you will be able to get the first £50,000 of your investment back under the Financial Services Compensation Fund. Here you will find a Wikipedia link explaining what this is.
2. Additionally, the accountant may carry professional indemnity insurance. in such circumstances, you will be able to recoup the monies from his insurance. Be aware that if the Accountant has been complicit in any fraud, then you will not be able to recoup monies in this manner. There is a specific exception excluding liability for a professional's actions where there has been dishonesty.
Buachaill, Barrister
Category: Law
Satisfied Customers: 10974
Experience: Barrister 17 years experience
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