Publications: Symington & de Kok Attorneys
- Firstly, don’t count on getting anything back from the scheme itself. Your claim is normally against a company in liquidation, and whilst you should certainly investigate the advisability of pursuing your claim, it will be a concurrent claim and likely worthless.
- Better news is that recent determinations by the FAIS Ombud have paved the way for claims against a range of other individuals and entities involved in producing, promoting and selling such products, whether the products are found to be fraudulent or just “inappropriate”. Financial advisers, their employers, brokers, “FSPs” (Financial Services Providers) – together with directors, compliance officers and “key individuals” of the actual product providers – have all been held liable for investors’ losses, with clear indications that the net may be cast even wider in appropriate cases.