We are the UK's national group of savers affected by the mis-selling of structured savings plans
We include savers, families, friends and IFAs. We are non-commercial. We have no affiliation with law firms or claims companies. We are campaigning for mis-selling victims to be fairly compensated.
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Lehman-backed savings plans - how were the products mis-sold?In the run-up to the collapse of Lehman Brothers three years ago, billions of dollars of Lehman debt were packaged worldwide to look like simple, stock-market related savings plans. In the UK, they were sold by NDFA, DRL, ARC and Meteor. They were also marketed through IFAs, high street banks, private banks and directly to the public.The FSA investigated and reported widespread mis-selling. How were the products mis-sold? Read more |
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BBC challenges FSCS on Lehman-backed structured productsDec 2011: BBC's Rip Off Britain featured mis-sold Lehman-backed plans, and confusion for savers with FSCS claims. One third of savers have been compensated, and Mark Neale, FSCS Chief Executive, told the BBC that savers were warned of the risks and of the deterioration in Lehman's credit rating. In fact, most investors were not told that Lehman was involved and did not receive such warnings. Mr Neale also warns buyers of structured products to 'prepare for the worst that could happen'.SeeTV/Radio for more. |
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FSCS as "expert decision maker" differs from Grant ThorntonGrant Thornton, administrating defunct NDFA and DRL, says it considers both types of Lehman plan were mis-sold (Capital at Risk and Capital Secure), based on advice they received from their legal counsel. FSCS disputes this view. Recent letters from FSCS to unsuccessful claimants acknowledge the difference in opinion, but cite FSCS experience and their role as "expert decision maker" as reason to believe their own leading counsel without question.Read more: GT NDFA letter , GT DRL letter and IFA Online |
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Ten years of structured product miseryFor more than a decade, risk-averse savers have been investing in mass-market plans known in the industry as 'structured products'. There may have been many success stories, but there have been many stories of catastrophic failure too. Case StudiesThousands lost their life savings in 'precipice bonds' around the turn of the millennium. Another 6,000 UK lost £107m in 2008 when Lehman-backed plans failed. Credit Suisse UK customers lost £198m between 2007 and 2009. 30,000 Keydata customers lost £450m between 2008 and 2010. Decade of Misery |
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This campaign is supported in Westminster and in the mediaMore than 85 MP's are now supporting this campaign. A Westminster
Hall debate in 2009 led to FSCS compensation for one third of Lehman
victims, and many MPs are still pressing FSA, FSCS, and The Treasury
for answers. Read more The issue continues to get coverage on TV and radio See / hear more |
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40% of Lehman 'Capital At Risk' members have now got their money backWe are a campaigning and information-sharing group. We get more than 200 posts per month in the members' forum, and 3000 visits per month to the web site. We track claims progress and we look for common patterns across the group. The members' online library has more than 500 useful documents about the products, FOS, FSCS, MPs, the administrators and the claims process. Find out more about our group |