Recovery Initiatives

17th March 2018 - posted here and distributed via email.

Distribution: LMIVC Registrants and Q1 Respondents Indicating SIPP Participation

"Did you invest your SIPP funds in a bad investment and are you eligible for compensation?

LMIVC have been looking closely at the Financial Services Compensation Scheme (FSCS) to recover SIPP funds put into bad investments. The FSCS has recently declared three SIPP operator firms in default, Brooklands Trustees Limited, Stadia Trustees Limited and Montpelier Pension Administration Services Limited. This means they will pay compensation (up to a maximum £50,000) in certain circumstances.

LMIVC believe LM MPF investment via a UK regulated SIPP provider may be considered by FSCS for compensation under the same basic rule set.

If you have LM MPF investments via a UK regulated SIPP provider and are not already in contact with the FSCS regarding possible compensation LMIVC strongly recommend you approach the FSCS as soon as possible.

FSCS contact details are as follows;

Telephone: 0800 678 1100 (Freephone) or 020 7741 4100

Address: Financial Services Compensation Scheme, PO Box 300, Mitcheldean, GL17 1DY

Website: www.fscs.org.uk/contact-us

LMIVC cannot answer questions about individual FSCS communications.

The FSCS site states, "with investments, the level of protection is £50,000 per person, per authorised firm. For example, if you lost money because an authorised firm gave you bad advice or negligently managed your investments, you would be covered for up to £50,000 if the firm fails."

We wish you every success and would love to hear from you if you receive compensation through this route.

Best Regards,

The LMIVC Core Team

Point of Clarification (19th March 2018)

(being made after feedback from registrants for which LMIVC is always grateful)

If your UK regulated SIPP provider is still operating (ie has not failed in organisation survival terms) it is expected the FSCS will refer you to the FCA.

This FCA page describes the process of complaint

LMIVC urge you to follow this process if your SIPP provider is still operational and advised / authorised investment in the LM MPF.

Best Rgds,

LMIVC Core Team."

30th May 2018 - posted here and distributed via email.

"Distribution: All LMIVC registrants indicating LM MPF investment.

Dear LMIVC MPF Investor Registrants,

After five years of intense effort to seek recovery avenues for LM MPF investors LMIVC make the following assessment statement available to all LMIVC registrants indicating LM MPF investment.

LMIVC registrants indicating MPF investment have been duped, in LMIVC’s view, by a variety of third parties depending on investor circumstance.

LMIVC final outstanding / ongoing group oriented actions:

• 1. A twenty page submission to the Australian Banking & Financial Services Royal Commission 2018 which at the present time is not public but which has now been confirmed as received and accepted by the commission. This document puts forward a strongly evidenced case of premeditated fraud inadequately investigated by Australian government and professional authorities, including the regulator. Whilst some content is outside of the current commission's terms of reference there is a very good chance any extension to the current commission would embrace the full content of the submission. The submission proposes a compensation scheme for losses.

  2. A work in progress activity to bring a fully funded claim against third parties that represent an estimated 25% of LM MPF investors. What we consider to be a robust claim is in the process of being finalised by Capital Interchange with whom LMIVC continue to work. We plan to be in communication with appropriate sectors of the LMIVC community as this is finalised.

LMIVC have made recent recommendations to LM MPF investors that have invested through UK based SIPP schemes and / or UK FCA regulated advisers. See recovery initiatives progress updates of 17th March 2018 and 19th March 2018.

LMIVC core members have worked persistently and arduously toward the goal of a Fair & Just Resolution For LM Investors. However, in what amounts to a heavy indictment of Australian financial consumer protection services, and despite numerous appeals and fully evidenced claims of wrongdoing, LMIVC have, to date, not one single Australian justice related authority prepared to fully stand up for the rights of defrauded investors in this criminal event.

LMIVC offer the lmivc.nod@gmail.com email address for registrant inquiries. LMIVC request that registrants check that their question cannot be answered via the LMIVC FAQ page before inquiring at the above email address.

Best Regards,

LMIVC Core Work Team."

22nd June 2019 - posted here only.

In order to progress potential legal claims of certain LM MPF investor circumstance groupings the legal entity LM Investor Claims Ltd (LMICL) has been established.

26th June 2019 - posted here only.

LMIVC report continued progress toward a third party legal claim the investor gateway to which is completion of the LMIVC Q1 questionnaire available at this link.

If you are unsure whether you have completed the questionnaire please email lminvestorclaims@gmail.com with subject of 'Q1 CHECK' and tell us what email address you would have provided in the questionnaire as a contact address and we'll respond accordingly.

21st March 2021 - posted here only.

Whilst a recent court decision and related turn of events have meant a potential route to recovery has closed (and with it recovery agreements assigned to that potential route) LMICL continue to pro-actively monitor the recovery landscape.

LMICL take this opportunity to assure investors who lost money in failed funds accessed via an insurance platform that should opportunity arise to participate in any future recovery program they will be contacted by email based on information supplied in the investor questionnaire(s) at the LMICL actions page.

7th April 2021

Investors via Portfolio Bonds (or similarly named products) in LM MPF and a variety of other failed or poor performing funds are being invited by LMICL through email to join a new recovery action now. If you haven't received an invitation email please make your inquiry to lminvestorclaims@gmail.com immediately.

18th May 2021

Two important update items.

1. In recent days Korda Mentha, the court appointed trustee responsible for the winding up of the LM MPF have indicated that the return to investors will be 1.3 - 1.5 cents in the Australian dollar. Portfolio bond holders may not be fully aware of that Korda Mentha update.

2. A narrow window of opportunity remains for eligible investors to join the current LMICL recovery action. Portfolio Bond (or similarly named products) holders should indicate their interest to lminvestorclaims@gmail.com immediately. No monies are required up front as costs will be deducted from any successful award.

3rd June 2021

LMICL continue to progress activities with a London based law firm toward recovery goals for investors with losses via Portfolio Bonds (or similarly named insurance bond products) not just in LM MPF but in failed funds such as Axiom, Premier New Earth and others. For participation instructions please follow the link to the LMICL site or email lminvestorclaims@gmail.com.

September 2022

LM Investor Claims Ltd (LMICL) name is changed to LM Recoveries Ltd (LMRL).