Judgement in £100m Isle of Man investor compensation case delayed again

Investors were expecting a judgement today

Investors expecting judgement today (June 8, 2026) on a £100m compensation claim in the Isle of Man have been told that there will be a further delay with no future date yet to be set for conclusion of this long-running case. The delay is the seventh time that they have been told that there will be a delay despite being given a firm date for a decision on the matter since the trial concluded more than two years ago. The claimants, mainly British nationals and expats based across the world, say they were sold life assurance products by financial advisers which they say they were told were safe and low risk – but were based on investment funds which ultimately collapsed. They argue that the life companies had failed to carry out ‘some minimum standard of due diligence review’ on the underlying funds that had been placed within their product framework by financial advisers. Both Friends Provident International and Utmost contest the claims. Both firms declined to comment further on the matter. As previously reported on II and its sister title IA, the closing submissions in the compensation battle against Utmost (formerly Old Mutual /Quilter) and Friends Provident International (FPI) concluded in May 2024, following a seven-week trial in Douglas High Court, Isle of Man. It is now 25 months on and acting deemster James Corbett KC has yet to hand down judgment. The claimant committee for the group bringing the claim told Isle Man Today, the website of island news organisation Media Isle of Man, that a total of 17 claimants have now passed away since the trial concluded in May 2024, out of the claimant group of 739. Class Action Another, larger class action against the same two insurance firms will the subject of a 10-week trial in March 2027. Some 1,600 claimants from some 40 countries have lodged claims. Three sets of proceedings are being case-managed together. A case management hearing earlier this year set dates for the disclosure of tens of thousands of documents relating to the case, spanning a period of 28 years. Next year’s 10-week trial starting March 15, 2027 will involve 20 test cases and will be restricted to dealing with issues of liability, Acting Deemster Hodge Malek KC ruled. If liability is established, a ‘phase two’ hearing would then be held on causation, loss and damages, the IOM today report concluded.

Tags: Friends Provident International | Isle Of Man | Utmost