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Keller Postman UK
Investment Fraud & Mis-selling
Year in Review 2023.

We look at key developments within our Investment Fraud & Mis-selling team over the past year.

A message from Mark Kenkre

Mark Kenkre

Over the last 12 months, the legal landscape within the financial services industry saw notable changes and challenges, not least due to the introduction of the new Consumer Duty, which sets higher and clearer standards of protection across financial services and requires firms to put their customers’ needs first.

At Keller Postman UK, we continued in our role as an investment fraud and mis-selling champion, highlighting where firms and advisors were failing to meet their responsibilities (particularly in light of the new regulatory landscape). Our dedication to advocacy in this area was further underscored as we pursued justice and compensation for affected parties, notably through collective actions against institutions such as St. James’s Place.

The proactive steps undertaken when representing consumers in such claims were pivotal in establishing our firm’s rankings in both the Legal 500 UK 2024 Guide (Tier 1 Group Litigation: Claimant) and Chambers and Partners UK 2024 Guide (Band 2 Group Litigation: Claimant). Such recognition speaks volumes about our firm’s approach and our prowess in advocating for clients against well-resourced entities. On a personal note, I was delighted to be commended in both these guides.

Throughout 2023, our team’s achievements, strategic hires, notable recognitions, and ongoing legal actions position Keller Postman UK as a formidable force in the legal domain, well-equipped to navigate and address multifaceted challenges within the financial services sector. I look forward to leading our IFM department, and our clients, to similar success in 2024.

Mark Kenkre

Partner & Head of Investment Fraud & Mis-selling

January 2023

There was an important development in our case against Better Retirement Group (BRG)

The Financial Services Compensation Scheme (FSCS) announced the failure of Better Retirement Group (BRG), which facilitated many transfers from the British Steel Pension Scheme (BSPS). The failure meant that claims made against the business were likely to be valid, and that the company is guilty of mis-selling.   

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We alerted people that they might have a Personal Equity Plan (PEP) mis-selling claim

Introduced in 1986, PEPs allowed UK citizens aged 18 and over to invest in the stock market without having to pay income tax or capital gains tax. PEPs were very popular, but many financial advisors did not explain that they were also a high-risk product. As such, they were not suitable for everyone. Similarly, the tax benefits of PEPs were often exaggerated, and the fees not fully explained.   

In recent years, an increasing number of people have complained about the way PEPs were sold, with many investors losing huge sums of money. If this has happened to you, you might have a mis-selling compensation claim.  

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We raised awareness of property investment fraud and mis-selling

At Keller Postman UK, our expert lawyers have helped many people recover their losses after investing in property schemes.  Quite often, these investments turned out to be fraudulent. All too often, promises of significant returns never materialised.  Victims sometimes invested in property developments that were never built. 

An increasing number of people have complained about the way property investments were sold in recent years, with many losing huge sums of money. You might have a mis-selling compensation claim if this happened to you.    

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February 2023

We boosted our team with a prestigious new hire

Already boasting some of the most formidable solicitors in the UK, we further strengthened our Investment Fraud & Mis-selling team with a prestigious new hire. Paul Neville joined us as a paralegal. A seasoned litigator, prior to joining Keller Postman UK, Paul worked as a paralegal at several international and national law firms.

We raised awareness about stocks and shares ISA mis-selling

Our Investment Fraud and Mis-selling solicitors warned that they were seeing a rise in mis-sold stocks and shares ISA claims. Stocks and shares ISAs are not the same as cash ISAs. They carry more risk and are subject to market volatility. So, while you can earn more with a stocks and shares ISA than a standard cash ISA, there is no guaranteed return, and you could end up losing money 

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We shared Santander’s warning that cryptocurrencies were being used as bait for investment scams

We shared a blog from Santander that warned that criminals were impersonating financial advisers, company representatives and celebrities, and using cryptocurrencies as bait to scam unsuspecting investors.    

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March 2023

Representatives from Keller Postman UK attended the CORLA Annual General Meeting

We attended the Annual General Meeting of the Collective Redress Lawyers Association (CORLA) at the Law Society.

Established in November 2021, CORLA was founded by a group of law firms that are deeply committed to improving access to justice for claimants by way of collective redress. Keller Postman UK is a founding member of CORLA, alongside Edwin Coe, Hausfeld, Leigh Day, Milberg London, and PGMBM. 

Keller Postman UK was Highly Commended in the Modern Law Awards 2023

We were absolutely delighted to have been Highly Commended at the 2023 Modern Law Awards for the Boutique Law Firm of the Year (11+ employees) category. The awards celebrate the best talent in the UK legal industry.  

We won ‘D&I Initiative of the Year’ at the Women, Influence and Power in Law Awards

We were thrilled to announce that Keller Postman UK won ‘D&I Initiative of the Year’ at this year’s Women, Influence and Power in Law Awards. Hosted by Law.com, these awards celebrate top female lawyers who have made invaluable contributions in making the UK legal profession increasingly more diverse in the past year. 

Keller Postman UK won ‘Race Equality Initiative of the Year’ at the Women & Diversity in Law Awards

We were absolutely delighted that Keller Postman UK won ‘Race Equality Initiative of the Year’ at the Women & Diversity in Law Awards 2023. Hosted by Global Legal Post, these awards celebrate those working in the UK legal sector who have made invaluable contributions to facilitating change and promoting diversity, equity and inclusion. 

We celebrated IWD 2023

In March 2023, the KPUK Women’s Network hosted a series of events, including a panel event to celebrate IWD2023. 

We filed a group claim following the suspension of nickel trading and voiding of trades by the London Metal Exchange (LME)

In March 2022, the LME suspended nickel trading and cancelled all nickel trades after prices spiked 250% in just over 24 hours. This wiped-out huge investor profits. In March 2023, several hedge funds – including a number represented by Keller Postman UK – brought claims against the LME. Together, these hedge funds are suing the LME for £ 80 million.   

We shared that reports of investment scams were up 193% in five years

We shared investment scam reports had risen by almost 200% in just five years, according to the Financial Conduct Authority (FCA).  

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Keller Postman UK featured in The Times’ Financial & Legal Checklist

We were pleased to share that Keller Postman UK was featured in The Times’ Financial & Legal Checklist, published on Saturday, 25 March 2023. 

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April 2023

Keller Postman UK shortlisted at The Lawyer Awards 2023

In April 2023, we were pleased to announce that Keller Postman UK had been shortlisted for the ‘Litigation Boutique Firm of the Year’ category at The Lawyer Awards 2023. 

The Lawyer Awards recognise the UK’s most exceptional legal talent for two decades, and are among the most prestigious awards ceremonies in the British legal sector. We were delighted to have been identified as an outstanding performer in this category.

May 2023

We added a new ‘Success’ section to our website

Keller Postman UK has some of the most skilled investment fraud & mis-selling lawyers in England and Wales. In May, we added a new section to our website to enable us to share some of our success stories. 

FIND OUT MORE HERE 

June 2023

Keller Postman UK was ‘Commended’ at The Lawyer Awards 2023

We were delighted to receive a commendation for ‘Litigation Boutique Firm of the Year’ at The Lawyer Awards 2023. The Lawyer Awards recognise the UK’s most exceptional legal talent, and are among the most prestigious awards ceremonies in the British legal sector. Our commendation in this category is testament to the continued success and dedication of our outstanding team. 

Our IFM team shared some news on how the UK government is tackling investment fraud

In June, our Investment Fraud & Mis-selling team provided an update on the Government’s new fraud strategy. Find out more about: 

Ben Rees discussed the new FCA powers to combat misleading and fraudulent claims

Technical Director Ben Rees discussed the new FCA powers to combat misleading and fraudulent claims. Ben’s article was published in Law360 and can be found here. 

July 2023

Alessio Ianiello commented on the FCA’s new consumer duty

Following the introduction of the FCA’s much-anticipated Consumer Duty, financial regulatory compliance solicitor Alessio Ianiello, associate in our Investment Fraud & Mis-Selling team shared his thoughts. 

You can read what Alessio had to say in IFA magazine. 

August 2023

We looked at whether the new ‘Consumer Duty’ would help tackle investment fraud & mis-selling

Investment fraud & mis-selling is a growing concern, with a range of illegal and unethical tactics being used to convince people to part with their money. In response, the Financial Conduct Authority (FCA) introduced a new ‘Consumer Duty’, designed to stop rip-offs, unexpected charges, and financial mis-selling.  In August, we took a look at the new duty. 

Ben Rees commented on the growing risk of investment fraud in the private wealth sector

Technical Director Ben Rees commented on the risk of increasing investment fraud in the private wealth sector being driven by rapid developments in artificial intelligence and deepfake technology. Ben’s comments were published in TheWealthNet and can be found here. 

September 2023

We launched an action against St. James’s Place

St. James’s Place (SJP) provides financial planning and investment services. But not all SJP’s 850,000 plus clients are getting the service they expect and pay for.  

  • Bad financial advice has resulted in some SJP clients making inappropriate investments, often with a higher risk profile than suitable  
  • Some SJP clients have been misled about the potential performance expectations of the funds they invested in  
  • Some clients have paid significantly more to invest with SJP, despite almost identical but cheaper funds being available  
  • Many SJP clients are paying regular, and sometimes substantial, adviser fees for a review service they are not receiving  
  • Others have seen significant fee increases since investing with SJP.  

 

Keller Postman UK launched a group action to help affected SJP clients get compensation for this negligence, mis-selling 

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October 2023

We ranked Tier 1 for Group Litigation: Claimant in The Legal 500 UK Guide 2024

We were delighted to announce that Keller Postman UK was ranked Tier 1 in The Legal 500 UK 2024 guide for Group Litigation: Claimant.

The guide recognised our Firm’s “bespoke and individualised service”, commending the team for our sharp client focus and ability to represent customers and workers against large and well-resourced organisations.

Our Managing Director Andrew Nugent Smith was also recognised as a Leading Individual in this field. Other members of our talented team were also commended in the 2024 guide. This included Partners Mark Kenkre and Kingsley Hayes, as well as our Legal Director (now Partner) Hannah Wright Jones. Senior Associates Nathaniel Barber and Lesley-Ann Ainsworth were also noted as key lawyers.

We were ranked in the Chambers and Partners UK 2024 Guide

Also this month, Keller Postman UK was ranked Band 2 in the Chambers and Partners UK 2024 Guide for Group Litigation: Claimant.

Members of our senior team were commended for their expertise, with Managing Director Andrew Nugent Smith ranked Band 2, Partner and Head of Investment Fraud and Mis-selling Mark Kenkre ranked Band 3, and Senior Associate Nathaniel Barber noted as an Associate to Watch.

The guide noted our experience in representing consumer classes, affirming that we are “well equipped to handle complex and substantial group claims across a broad spectrum, including workers’ rights, emissions litigation, data breaches and financial mis-selling.”

Hannah Wright Jones was promoted to Partner

Hannah Wright Jones bio image

We were delighted to announce that Hannah Wright Jones had been promoted to the position of Partner. Hannah’s depth of experience and outstanding legal acumen have been instrumental in our biggest cases. Her promotion is a recognition of her value to the firm and a vote of confidence in her ability to help lead our groundbreaking work in the class action sector.

November 2023

We questioned whether SJP’s decision to overhaul its charges had come too late

If you are a St. James’s Place (SJP) client, you’ll know that the wealth manager recently announced radical changes to its fee structure. We questioned whether these changes – which are set to come into effect during the second half of 2025 – are too little, too late for some investors. 

December 2023

We wished all our clients a merry Christmas and a happy New Year!

As we approached the end of another year, we wished all our clients a joyful and healthy Christmas and New Year.  

We value the relationships we have built with you and are truly grateful for the opportunity to represent you. We look forward to continuing to work hard for you next year.  

Thank you once again for choosing us as your consumer-champion law firm.  May you find peace and happiness in the company of family and friends, and may the new year bring you prosperity, good health, and success. 

 

About our firm

Keller Postman UK is a consumer champion law firm. Acting for clients who deserve to win, we do everything we can to ensure that they do.

Our Investment Fraud & Mis-Selling team helps individuals and businesses impacted by scams, fraud, and mis-selling by professional advisors. Because we have a deep understanding of, and extensive experience in this area, we help our clients get their money back.

Working on a no-win, no-fee basis, we are never afraid of a fight and are ready to take on complicated cases that other law firms shy away from. From small claims to large multi-party actions, we have everything it takes to win when it comes to getting justice for our clients.

Sensitive to your situation, we know that, as well as financially devastating, being the victim of fraud or mis-selling can also harm your mental health, and we never underestimate this emotional impact.

Working closely with consumer organisations, financial regulators, and government agencies, we also lobby for better access to justice for people who have become victims of failed investments or negligent advice.

How can our Investment Fraud & Mis-Selling team help you?

Mis-sold investment claims

If you have been mis-sold a pension or another investment product, we can help you make successful compensation claim.

Investment fraud claims

If you have lost money due to investment fraud, we can help you get your money back. This includes cryptocurrency fraud.

Tax avoidance claims

If a financial advisor persuaded you to make an unregulated, unsuitable, or potentially fraudulent investment and you are facing the wrath of HMRC, we can help.

Pursuing claims in the UK and abroad, if you have lost money due to fraudulent or negligent investment advice, we are here to help.

CONTACT US IN CONFIDENCE TO DISCUSS YOUR CASE