Schroders is set to face compensation claims from people left with huge tax bills after investing in controversial film financing schemes set up by Ingenious Media.
The investors say they were advised by Cazenove Capital, now owned by Schroders, to put money into Ingenious companies which funded films such as Die Hard 4 and Avatar.
However, they were left with hefty tax bills after HM Revenue & Customs argued that the schemes artificially created losses to enable investors to claim tax relief. Ingenious, whose film scheme clients included celebrities such as Robbie Williams and Andrew Lloyd-Webber, denies this and has been fighting HMRC through the courts.
Schroders bought Cazenove Capital, the wealth management arm of the old Cazenove banking group, in 2013.
Nigel Rowe, who
