PIS considers Westpoint settlements
Professional Investment Services (PIS) is considering whether to settle with clients who lost money in Westpoint’s failed investment schemes rather than face court, according to media reports today.
PIS is one of several dealer groups to have included Westpoint products on its approved list and, according to reports, 23 advisers in the 1,300-member adviser network placed a total of $19.2 million of client funds into Westpoint products.
The company has stated its intention to individually consider approaches from clients who lost funds in the property scheme’s collapse and decide whether it should accept or deny liability for the losses in each case.
PIS chief executive officer Robbie Bennetts was unavailable for comment this morning as Money Management went to press.
Bongiorno Financial Planning also included Westpoint products on its recommended list but removed them from the list in early 2004 when Westpoint indicated its intention to transfer funds between development projects and vary maturity dates.
In February, PIS said Westpoint’s products had been removed from their recommended lists some time earlier but did not give specific dates.
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