In February Alternate Insurance Services Ltd was ordered to repay over £1.
million of investors’ money after the Royal Court concluded that 27 couples and individuals had been ‘recklessly misled’ to put their money into traded endowment policies, commonly known as ‘Tipps’.
But in March Alternate was found to be insolvent and unable to pay and the regulator, the Jersey Financial Services Commission, are now pursuing its case against the insurers in the UK.
They are also in dialogue with the three banks who loaned the investors money: Royal Bank of Scotland International, Bank of Ireland and Newcastle Building Society.
