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Greyfriars Asset Management

Greyfriars Asset Management LLP

Now in administration, Greyfriars Asset Management was a financial advisory firm that was found to have been running a portfolio of high-risk investment schemes, putting their customers pension-funds at risk without their full knowledge.

If you were a former client of the firm and lost money as a result of their bad advice and unprofessional practices, you may be entitled to compensation and Beat the Banks can help you claim it.

A portfolio of high-risk investments

On 29 October 2019 the Financial Services Compensation Scheme (FSCS) confirmed 99 claims against Greyfriars Asset Management would be passed to their claims processing team for assessment. The claims are believed to mostly relate to a number of investment portfolios offered by Greyfriars after they were acquired by Best International Group – of which Bradley James Lincoln is currently the sole director.

The portfolios were numbered from one to six, with portfolio six (P6) being the subject of the claims. P6 was described as comprising of “non-correlated investments’ including corporate bonds” with a minimum investment of £10,000 required through a Self-Invested Personal Pension (SIPP) via the Novia Platform with targeted annual returns of 8-10%.

Behind the slick marketing materials from Greyfriars lay a story largely hidden from investors – P6 contained a number of high risk, non-standard investments (UCIS), including:

  • Mini Bonds in The Resort Group (TRG) – an unregulated property investment scheme (UCIS) aimed at providing funding for the construction of high end hotels in Cape Verde.
  • Lanner Car Park Bonds  – now in administration, this scheme was set up for the acquisition of car parking assets abroad. This unregulated commercial property fund targeted a 6% annual return and a bond term of 5 years.
  • The Olmsted Series – a three-to-five year bond centred on commercial investment in America.
  • ABC Commercial Bonds –  an unregulated scheme set up to purchase and then develop business centres on a worldwide basis.
  • Urban Student Property Fund – another high-risk, commercial property investment, this time involving student accommodation.

Illiquid assets

A number of these investments were substantially owned by Best International and Bradley Lincoln, and have now failed, or become illiquid and can’t be sold or traded. It’s believed that by November 2016, P6 had taken in £40 million from 1,000 investors, many of whom were lured in by IFA’s such as failed advice firm Consumer Wealth. They had been convinced to transfer their existing – perfectly safe and adequately performing – pensions into the P6 investment portfolio.

It was no surprise then that in October 2018 Greyfriars Asset Management LLP appointed administrators. Formerly, there were three distinct parts to the business:

  • Discretionary Fund Management (DFM) services, which they stopped providing at the end of March 2018.
  • Advisory services, which was sold to Insight Financial Associates Limited in mid-October 2018.

SIPPs and SSAS services, which was bought by Hartley Pensions Limited on 25 October 2018 for £820,000.

Failed duty of care

IFAs, DFMs and SIPP companies are all regulated by the Financial Conduct Authority (FCA). This means they have a duty of care to their customers and must act in their best interests in an open and honest fashion at all times. Clearly, with Greyfriars and associated parties, this was not the case. As a result, many pension-holders lost considerable sums of money.

At Beat the Banks we think it’s wrong that hard-working men and women have been cheated out of their life savings when all they were seeking was a little extra financial security for retirement. If you have lost money as a result of faulty pension advice we’re ready to help you seek the justice you deserve. Call us on 0800 193 1234 for a free, no-obligation consultation to find out what we can do for you.

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