Asset protection trusts have now reported to be mis-sold to their clients by some companies. As per recent reports in early February this year, thousands of people have been mis-sold asset protection trust schemes, with fraud advisors suggesting that the schemes would protect a homeowner’s if taken to care.As per the Daily Mail reports, the workers approaching retirement paid up to £10,000, just for nothing. Following this, the regulators are now planning on taking action against those advisors who have defaulted into this kind of scam with millions of pounds of cheating people.
Many of the Asset protection trusts have come under review now. Under the new Whitehall guidelines, a strict and tough approach will be adopted by the authorities. The trusts that have been set up to help people avoid selling their homes for long term care will also be disregarded due to this.
The Solicitors Regulation Authority explained that it is aware that the trusts have been mis-sold and it will collaborate with other regulators if necessary to resolve the issue. Mr. Aris Nicolson, the barrister with law firm ‘Denning Legal, a reputable trust provider, stressed that selling the trusts under the disguise of saving any health care costs for the future is not right.
The Universal Wealth Preservation is a part of the universal group that has experience of more than 20 years in the UK for providing a complete asset protection trust solution along with estate planning and wealth preservation for families and clients.
The firm also helps people in avoiding residential care costs and have an able talent of solicitors, experts and accountants with many years of experience under their belt. They are known to their clients to provide a reliable and trusted financial solution to protect their assets.
Universal Wealth Preservation
Unit 10 & 11
Alpha Business Park
24-26 White House Road
Ipswich
IP1 5LT
T: 0800 542 8243
enquiries@universalgroup.co.uk
www.universalwealthpreservation.co.uk