The Financial Ombudsman Service (FOS) confirmed it has “around 20 open cases” against Tavistock Investments, two months after the company set aside £2.1m ($2.7m, €2.3m) to compensate victims of former adviser Neil Bartlett.
The lifeboat scheme told the Saturday Times it was “not appropriate to share details of individuals cases”, but said they “are being investigated”.
But the company has argued that the victims were clients of Bartlett, and not Tavistock or Abacus; which Tavistock acquired in 2016.
A spokesperson told International Adviser: “We have every sympathy for the victims of Neil Barlett’s fraud, many of whom were not our clients.
“Tavistock has followed the process required of it by the regulator for dealing with every complaint and will continue to deal with all claims or complaints in the appropriate, fair and consistent manner.”
Behind bars
Bartlett was found guilty of fraud in December 2018 and sentenced to eight year in prison.
He conned his clients out of £4.5m to fund a lavish lifestyle involving Russian prostitutes, foreign travel and gambling.
The fraud took place when he worked for a company called Abacus Associates, which he joined in 2013.
In April 2020, the Financial Conduct Authority (FCA) banned him “from performing any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm”.
