More than £4bn still owed to UK investors who have money in Swiss banks
UK investors are running out of time to reclaim a share of £4.6bn in commission fees applied by Swiss financial providers.
Anyone who invested money in a Swiss institution in the past 10 years may be able to reclaim commission fees.
These fees, called ‘retrocessions’ were applied by third parties and passed to Swiss banks and asset managers when investment funds and structured products were sold.
They typically accounted for 2% of the investment amount. A Supreme Court ruling in 2012 made these fees illegal, but due to Swiss legislation, claims can only go back 10 years.
Liti-Link, a litigation funding firm, said 2009 was a strong year for secret commissions and not many investors know about the possibility of recovering retrocessions.
It is therefore urging people to reclaim their money, adding that due to the limitation period, large sums expire daily in favour of the banks.
It is estimated that in the UK, around 200,000 investors are owed money, with an average claim of £23,400. If all claims were made, Liti-Link suggests HMRC would receive around £1.87bn in tax payments.
Hubert Schwärzler, chief executive of Liti-Link, said: “New Year’s Eve could be a sorry start to 2020 for savers who have been swindled by greedy Swiss banks. We urge anyone who has invested in Swiss banks over the last decade to contact Liti-Link as soon as possible.
“It might be the difference between getting a surprise Christmas bonus, or starting the New Year out of pocket.”
Investors should note that Liti-Link takes a 40% share of recoverable funds.