In­vestors in High Court bat­tle against ad­vis­ers

Judge rules in favour of Cheshire-based Sense Net­work

The Press and Journal (Moray) - - BUSINESS - BY KEITH FIND­LAY

Nearly 100 al­leged vic­tims of Mi­das Fi­nan­cial So­lu­tions (Scot­land) have lost a High Court bat­tle against their fi­nan­cial ad­viser.

Af­ter a se­ries of Queen’s Bench di­vi­sion com­mer­cial court hear­ings in Lon­don, Jus­tice Ja­cobs found in favour of a Cheshire­based firm, Sense Net­work, which pro­vides ser­vices to in­de­pen­dent fi­nan­cial ad­vis­ers.

The 96 claimants al­leged Sense it­self was to blame, and not just an ap­pointed rep­re­sen­ta­tive, for sub­stan­tial losses they suf­fered as a re­sult of their in­vest­ments with Aberdeen-based Mi­das

Mr Ja­cobs said the ad­vice they re­ceived fell out­side of the Fi­nan­cial Ser­vices and Mar­kets Act as it in­volved an un­reg­u­lated in­vest­ment scheme.

He also dis­agreed with claims Sense had failed to mon­i­tor Mi­das prop­erly, say­ing the English firm had “rea­son­able” con­trols in place and was not, there­fore, li­able.

The court heard ev­i­dence from some of Sense’s se­nior man­age­ment team, in­clud­ing co-founder John Net­ting.

Mr Ja­cobs said: “It did not seem to me that there was any sig­nif­i­cant chal­lenge to any of their fac­tual ev­i­dence. They an­swered the ques­tions di­rectly and clearly, and I see no rea­son not to ac­cept their ev­i­dence.”

Scot­tish court pro­ceed­ings re­lat­ing to the Mi­das scheme, in which in­vestors al­legedly lost mil­lions of pounds, are un­der way. The Fi­nan­cial Con­duct Au­thor­ity has said money in­vestors handed over to ad­vis­ers as­so­ci­ated with Mi­das was not cov­ered by com­pen­sa­tion schemes as nei­ther the com­pany nor its ad­vis­ers were au­tho­rised to ac­cept de­posits.

“They an­swered the ques­tions di­rectly and clearly”

MONEY: Claimants say they have lost mil­lions of pounds through in­vest­ments with Aberdeen-based Mi­das Fi­nan­cial So­lu­tions (Scot­land)

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