If you are eligible to complain via the UK's FSA, then check out their website. I quote :-

"Generally, these time limits are:

• six months from the business sending the consumer a final response (which has to mention the six-month time limit); and
• six years from the event the consumer is complaining about (or – if later – three years from when the consumer knew, or could reasonably have known, they had cause to complain)."

Do not accept your IFA's blandishments at face value. Insist that they back up any assertions with legal valid documentary evidence.

Good luck. You will need it.

They advised that there is a 6 year time limit from date of investment to take legal action

Time barred from which date? If it is from the date of your purchase, then that is irrelevant. It should from the date at which you could reasonably be expected to have a complaint. The onus is them to disprove this date.

These guys are the masters of obfustication. Question everything, believe nothing. Get them to support any and all assertions with documentary evidence.

Have you read the FT Advisor article?

Thanks info, just one question, please explain "time barred"

Thanks

Zuluboy71

Through my wife, we also invested a sizeable amount in Glanmore through WTF in Singapore. We claimed against WTF last year but were turrned down as initial investment was made in Singapore before we retired back to UK and also we were time barred. Seems we have lost out !!

I think all Glanmore and BRE shareholders should read this report published in FT Advisor in June 2009. All worth reading, but Glanmore analysis starts at bottom of page 3.

Having read it, you may wish to ask your IFA to give you just one good reason why he recommended that you invest your monies into either fund.

i to brought into glanmore with the advise of my financial advisor as a low risk investment back in nov 2002 in a collective redemption bond with The Royal Skandia to the value of 30.000 pounds i welcome any advice or action that is avaiable

Morning zuluboy. Please see my post from a couple of days ago. I was also advised by WTF while living and working as an expat in Singapore.

Although I have all the documentation I've ever received from Glanmore, I can't find any of the recommendation documentation from WTF at the moment but it may all be in a pile at our house in Spain - problem is that we're not there until end July!

i can assure you i am not the same robert court, i have two friends caught up in this mess who are both elderly and require assistance.

Ok noted, I am advised by WTF, after chasing them for a reply, that they have passed my complaint onto their " insurers!!" and hopefull they will be able to formally reply to me by the end of this week!!

I would like to hear from any other individual that was advised to buy these " low risk shares" by WTF!

I also would be happy to join " a class action case" against this fund subject to a full understanding of the T&C!

I also note that one of the earlier "posting" was by "robertcourt" !! strange as this also happens to be the name of the "Chairman of the Glanmore Fund !!"

zuluboy 71

Hi Calpespain,

I also cannot see your email address in your profile. If you can see mine perhaps you could email me? If not, let me know and (assuming you can speak Spanish) I can explain my email address to you!

Cheers

You can add me to the list of names of people who were mis-sold Glanmore Property Fund as a 'safe' / 'low-risk' investment. As per Zuluboy, WT Fry advised me. Unfortunately I can't find any correspondence from them at the moment but I may have some filed away in a location I cannot get access to until the end of July. If I do have any such correspondence I will also make a complaint of mis-selling to WT Fry so would be keen to hear how you get on with yours ZuluBoy.

I would also be happy to join in Calpespain's class action case if I can be of any help. Our initial investment was £40,000 and I believe we had around 735 shares at the time of the 'freeze'.

I'll check in on the thread every now and again to see if there's any news of progress.

Is there any way to obtain a listing of the names of all the individual/private investors still locked into in this fund?

This fund was recommended to me by my UK "Financial Broker" ( W T Fry Ltd, West Sussex) and was bought in my name!

My formal complaint was lodged on the 13th March 2012, WTF replied advising that they would " be in touch once it has been considered fully or update you by , say, end of April if that has not happened already"

No formal reply received to-date

several factors, commission being one of them . Also remember that the fund manager gets 1.5% fee on the fund so if an investor puts in £100,000.00 then the manager is paid 1.5% on £400,000.00 as the fund is geared at 75% [maybe slightly less at times] . Also the fund manager is paying initial commission to the selling broker as well as to riverstone. Then there is a trail commission paid to riverstone that they pay part of on to the ifa, this could be up to 1% as an estimate each year. you dont need to be an actuary to see where the money has all been going for the last 7 years.

Zuluboy. What stands out here for me is that in 2005/6 you invested into this fund. I had a diverse portfolio from 2001 to 2005 with a portion in Glanmore. But in 2005 my broker switched all my money out of the other funds and placed this portfolio 100% into Glanmore. This shows up very clearly in the statements in my possession. Why was everyone suddenly being placed with Glanmore in 2005. What happened in 2005/6 that prompted all the brokers and IFA to invest tjheir client's funds into Glanmore? Was there a single big event that coincides with this flight to Glanmore?

Worth looking into the business plan or objectives of the directors at that stage to find the answers.