Friends Provident and Scandia Class Action

[johnweena]

A few years ago many expats invested in certain funds sold through Friends Provident International and Scandia ( now called Old Mutual) via IFA's. To our cost many of these funds failed and many of us have lost a lot of hard earned money.

During this time support groups have formed with a view of trying to recover our money. I am pleased to report that a class Action is being bought against these two companies, funding has been approved, and there is no cost to any individual  

Attached is an extract from a letter stating which funds are being  contested, it is only these funds that are eligible to be included in the class action.

Please read the attachment if you feel you are eligible please contact Mr. Peter Kells on 0846450007 or email him at [email protected] and he will will give you more details.Thaivisaattach.docx

Mr Kells is on the management committee of the action.

[Chivas]

Back in the 80's we used to sell Scandia life policies over every other company because of the massive commission they paid. Yes we were IFA as well.

They paid out on life policies on death normally but investment returns were diabolical if you survived

[Leaver]

The money is gone.  You are chasing  ghost.  Move on. 

[Oxx]

12 hours ago, johnweena said:

A few years ago many expats invested in certain funds sold through Friends Provident International and Scandia ( now called Old Mutual) via IFA's.

 

I believe this statement seriously misrepresents the situation.

 

FPI and Skandia were simply platforms holding the investments.  They were not responsible for the investment selection or the conduct of the fund managers.

 

The so-called IFAs were in fact unregistered and unqualified individuals operating illegally in Thailand (and other countries).

 

It's difficult to see how pursuing FPI and Skandia (or for that matter the "IFA" con men) will do any good.  There may be some (almost certainly small) amounts of money recovered from the liquidation of some of the funds, but basically investors have been defrauded through their own naïveté and have no recourse to compensation.

 

In future, if dealing with a Thailand-based individual claiming to be an IFA, the best advice is DON'T! If you still want to do so, ask to see their work permit and get details of their registration with the Thai Securities & Exchange Commission, then check those details with the SEC itself.