R v Investors Compensation Scheme Ltd ex parte Gerald Taylor Available to Purchase

Mr Barrett was authorised to carry on investment business under the trading name of Beechcroft by virtue of his membership of FIMBRA. In March 1986 Mr Taylor, the Applicant in this case, inherited £5,500 which he wished to invest with Beechcroft. In April 1986, on Mr Barrett's advice the Applicant handed Mr Barrett a cheque for £5,500 which Mr Barrett undertook to invest in such a way so as to yield 9.5 per cent pa for a fixed term of five years, with interest capable of being withdrawn as and when it accrued. The Applicant's mother then gave Mr Barrett a total of £11,000 to invest on the same terms. She died in 1989 leaving the Applicant as her sole heir.