The ER Network & Intrinsic
It’s always sad to hear of people who have lost money through no fault of their own, even more so when the sum of money involved is substantial. Unfortunately, this has been the case for a number of men and women invested in the ER Network and Intrinsic, and the myriad of other companies linked to them.
A complex web of unregulated brokers
Established in 2005, the ER Network were appointed representatives of Intrinsic (now known as Quilter) in February 2006. Since then a number of individual mortgage firms all over Scotland have operated under their banner, most of which have now fallen by the wayside. A list of current and former network members is available on the ER Network Ltd’s profile on the FCA’s website under “trading/brand names.”
In May 2011, the directors of the ER Network (Eddie Chisholm and Rhona Galbraith) set up a new business called Vita Investment Planning Ltd. Its sole focus was to sell a range of Unregulated Collective Investment Schemes (UCIS) such as Sustainable AgroEnergy and Belem Sky Plantation (GFI) via ER’s mortgage broking network.
These brokers, who many customers considered as family friends, used a combination of slick presentations and disturbance techniques to convince victims their existing pension arrangements were poor and not performing. All despite frequently being neither authorised or qualified to give any sort of pension or investment advice.
Victims were persuaded to transfer their pensions into Self-Invested Personal Pensions (SIPPs), using providers such as Berkeley Burke, and then into Unregulated Collective Investment Schemes (UCIS) with the tempting prospect of increasing returns and little or no risk.
As has been the case with a number of unregulated pension transfer schemes, the ones who did well out of this process were the providers and brokers themselves. Commissions of 12% or more were shared between the brokers and Vita Investment Planning. The story was very different for investors however, many of whom lost significant amounts of money.
Thankfully the Financial Ombudsman has now seen fit to uphold a number of key decisions against poor and faulty pension given by members of the ER Network, including:
Vita Investment Planning operated for three years before being dissolved in July 2014.
Let us help you seek out justice
If you feel you were a victim of the ER Network and associated organisations or individuals, the team at Beat the Banks may be able to help you. We offer a thorough and robust compensation claims service aimed at bringing you some much-needed justice.
Have a chat with our friendly team on 0800 193 1234 to see what can be done about your situation. It’s never easy to come to terms with the fact you may have been mis-sold a product or, worse, defrauded but one call to Beat the Banks could be enough to set the record straight.