The Transparency Task Force (TTF), an organisation dedicated to promoting transparency and accountability in the financial and legal sectors, recently convened to address a pressing issue that has shaken the legal community in Scotland: the failure of McClures Solicitors and the various clients who feel badly let down by the advice they had received from them and their network of intermediaries. This meeting brought together experts and stakeholders, including MSPs, to discuss the implications of the scandal and explore pathways for reform and accountability.

I was asked to briefly address the meeting concerning the mis-selling of asset protection trusts (an issue I have covered in some depth here). For anyone, especially those affected by the failure of McClures, I would highly recommend watching the meeting (here), not least as several of the victims who spoke also detailed the ways that they have successfully obtained redress from the Scottish Legal Complaints Commission.

The meeting concluded with a commitment from the Transparency Task Force to pursue further investigations into the scandal and to advocate for regulatory changes. The collective aim is to rebuild trust in the legal profession and ensure that such breaches of ethics do not go unchecked.

If you have ever been asked to transfer your home into trust, this can have catastrophic and wide-reaching ramifications in respect of tax, and the future insurability, mortgageability and saleability of your property. Please feel free to contact me on 01494 893 533 or by email if you believe you have entered into such an arrangement and would like further advice.