Axiom Capital Management

Hundreds of British pensioners have launched a £120 million compensation battle after accusing two major investment firms of promoting risky investments. They allege that Friends Provident International (FPI) and Utmost International promoted high-risk investments as 'safe and low-risk' funds, leading to significant losses for investors. The pensioners claim that the financial giants charged them management fees even after the value of their investments collapsed. Both FPI and Utmost deny any liability, stating that they had no obligation to check the funds that collapsed and blaming investors and financial advisers. More than 700 claimants have signed up for a class action lawsuit, which is expected to come before the Isle of Man courts next year.

Hundreds of British pensioners have launched a £120 million compensation battle after accusing two major investment firms of promoting risky investments. They allege that Friends Provident International (FPI) and Utmost International promoted high-risk investments as 'safe and low-risk' funds, leading to significant losses for investors. The pensioners claim that the financial giants charged them management fees even after the value of their investments collapsed. Both FPI and Utmost deny any liability, stating that they had no obligation to check the funds that collapsed and blaming investors and financial advisers. More than 700 claimants have signed up for a class action lawsuit, which is expected to come before the Isle of Man courts next year.