The Financial Services Compensation Scheme declared Midas Financial Solutions (Scotland) Limited in default on 9 March 2020 and began accepting compensation claims the following May. If you invested money through the firm and have not yet received what you are owed, specialist advice could make a real difference to your recovery.
Midas Financial Solutions (Scotland) Limited (FRN 473246) operated as a financial advisory firm from 2006 to 2014, working as an appointed representative under the regulatory umbrella of Sense Network Limited. For eight years, clients trusted the firm with their savings and investments. What they were not told was that their money was being used not to generate genuine investment returns, but to pay earlier investors in what amounted to a fraudulent Ponzi scheme.
The firm’s collapse in 2014 left approximately £13 million of investor money unaccounted for. Its director, Alistair Greig, was prosecuted for fraud and ultimately convicted. He was sentenced to 14 years in prison, a term later reduced to 10 years on appeal. The criminal conviction confirmed what the FSCS investigation found: that Midas had operated an illegal scheme at the direct expense of its clients.
For investors who were caught up in the Midas collapse, the experience was devastating. Many had saved diligently for retirement or for specific financial goals, only to discover that their money had been taken by people who were supposed to be acting in their interests. The shame and embarrassment that sometimes follows these experiences belongs entirely with Greig and those who ran the firm, not with the investors who trusted a regulated business.
If you invested through Midas Financial Solutions and have not fully recovered your losses, please speak to our team. There may be compensation options you have not yet explored, and we are here to help you navigate the process without any upfront cost.
Get Help With Your Claim
If you had dealings with Midas Financial Solutions (Scotland) Limited and are worried about your money, please book a free consultation with our team. You may feel embarrassed about what has happened, but you should not. You were let down by people who had a professional and legal duty to act in your best interest. We will carry out all the investigative work on your behalf, at no cost to you. If your claim is not successful, you will not pay a penny. Call us during office hours or email hello@claimmyloss.co.uk – we are here for you.
