The Axiom Legal Financing Fund was supposed to be a capital protected, open‐ended fund that provided short term fixed interest loans to UK law firms who work on a no‐win, no‐fee basis, to pursue claims for the mis-selling of financial services products on behalf of claimants. The first cases being financed by the Fund are against banks and loan providers for issuing loan and credit card agreements that breach the Consumer Credit Regulations.
We have spoken with many investors that were given advice to buy this Professional Investor fund as a low risk cash alternative investment. In retrospect this should have been regarded as a highly risky investment to fund directors who were allegedly making very unusual transactions for those entrusted to be secure custodians of investors hard earned money.
Many of the advice firms that had recommended the fund had gone into administration since the fund was suspended in 2012. This means redress costs could fall on advisers in the form of an FSCS levy or institutions which allowed retail investors to buy Professional Investor funds without verifying whether these investors were actual professional investors. We believe there is mass negligence by the Insurance companies and trustees who clearly did not do any or sufficient due diligence.
Please get in touch with us to discuss how you can seek redress from the major institutions that were complicit in allowing retail investors access to this fund and did not protect you as was their fiduciary responsibility.