Rebus Group, a London-based claims management company that helped out-of-pocket investors go after financial advisory firms that were alleged to have mis-sold investment products, has gone into administration.
The company, which was originally founded in 2010, last year raised more than £800,000 through crowdfunding, making it “one of the biggest failures of a crowdfunded company in the UK” thus far, the BBC reported.
“Investors in the company, which reports suggest number more than 100, could now lose their money,” the BBC report added.
According to a Rebus press release from several years ago, Rebus specialised in helping clients who lost money in tax avoidance schemes “of all descriptions”, pensions, failed investment structures, such as offshore bonds, discounted gift schemes, and such bespoke investments as structured products.
In 2014 it launched an online “Rebus Adviser Watch List”, to give investors a reference point for advisers found by the UK regulators to have mis-sold investment products, as well as to name some of the firms which Rebus at that point was investigating on behalf of clients. That watchlist, www.investorcentral.co.uk, no longer exists.
Although the company said it focused on advisers and product providers that were UK based and regulated, in 2014 a Rebus spokesperson said it also targeted companies that did business in the international arena.
According to the Rebus website, it had 29 full-time staff as of February 2015, at which point it said it was managing more than 1,700 claims with a total value of more than £930m.