Next big mis-selling scam: Tax schemes
The sale of complex investments in tax schemes could be the next big mis-selling scam around the corner, according to Martin Taylor, head of client relationships at Rebus Group.
Taylor said claims for mis-sold investments are happening more and more frequently. In just in the last year his own firm, Rebus, has seen its claim book increase by 500%.
This follows the payment protection insurance (PPI) and interest rate hedging products (IRHPs) scandals, which have so far yielded more than £13.6bn and £1.05bn in compensation respectively.
In the case of tax schemes the amounts claimed are likely to be significantly higher.
“We’ve got a success rate of over 90%,” he said. “We charge £1,500 per scheme but that’s needed to do the proper research and review the paperwork as this is often very complicated. We also charge a success fee, but only out of an award”
He added that unlike the PPI compensation market...