Are they ready for a fistful of begging letters?

Tuesday 5th May 2009, 2:59PM BST.

From David Râtel.
I CANNOT believe our ministers are considering paying out £600,000 to people who unwisely invested in high-risk (big returns?) schemes (JEP, 30 April).

What are they trying to do – open flood gates? A few years ago a local lawyer, now deceased, gave me advice that I can prove cost me more than £1 million. No gamble involved.

So I will watch with interest and see if this bail-out happens. If it does, I’ll bet I won’t be the only one composing a begging letter.
Carysfort,
Route de la Baie,
St Brelade.

1
Michael Neal

May 6, 2009 at 1:36 pm

My understanding is that this payout relates to poor advice given by the JFSC. It is therefore an out-of-court settlement rather than a bailout.

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2
Adrian

May 6, 2009 at 9:45 pm

Michael I didn’t know the JFSC gave advice on financial investments I thought this was down to the individual finance companies to do?

Surely the JFSC have tight regulations in place to make sure only the best companies are allowed to trade over here, and that they have the best investment vehicles for their clients?

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3
Michael Neal

May 7, 2009 at 9:02 am

I assume the advice was regulatory in nature rather than investment advice.

Just repeating what I read in the (paper) JEP a couple of weeks ago. I might be wrong.

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