A Claims Management Company

Mis-Sold investment - CIB Life And Pensions Ltd

Latest Update: 1st February, 2018 (Companies House)

Case Points

Total amount invested

Unknown

Why did people invest in it?

CIB (Life and Pensions) was based in Gateshead, Tyne and Wear, between April 1987 and February 2018.

Why was it mis-selling?

CIB were found to have been mis-selling through investments in Harlequin Property within SIPPs without undertaking appropriate consideration for the customers interests.

Potential value of cases

Unknown

Summary

CIB (Life and Pensions) was a financial advice firm based in Gateshead. It was founded by a Financial Advisor, David Dalby, and an insurance broker, Colin McKenzie, and their families. The founding partners ran the firm until 1994, when McKenzie resigned, and was replaced by Dalby’s son, Jonathan. The firm was authorised by the Personal Investment Authority (1994-2001), then the Financial Services Authority (2001-2013), and finally the Financial Conduct Authority (2013-2015).

Between 2012 and 2015, the Financial Ombudsman Service received a number of complaints related to CIB. These were related to the Resort Group, and to Harlequin Property. Both of these mis-selling cases revolved around CIB failing to conduct appropriate due diligence and failing to ensure that all decisions made were in the best interests of the customer. The FOS awarded compensation in both cases.

In June 2015, the FCA withdrew authorisation from CIB after the firm commenced winding up on 14th May. The dissolution process was completed on 1st February, 2018.

The FSCS declared CIB to be in default in December 2015, and has since paid £28.6 million related to CIB.

You are likely to have a potential claim on the basis of advice from a regulated firm. The claim above is only an example of a potential claim. Each claim is judged on its individual merits and as such, we cannot guarantee that your individual claim will be successful or that you indeed may have grounds for a claim.

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