27 November 2020 | Firm news | Article by Ria Coleman
In 2014 Mr R received advice from a firm called Blueinfinitas Limited to transfer his Scottish Widows pension into a London & Colonial self-invested personal pension (SIPP).
SVS Securities then acted as a linked investment platform and a series of high risk and unregulated investments were made, via the SIPP. Investments which were unsuitable for Mr R given his investment experience and his financial aims and objectives.
As a result, Mr R suffered significant financial loss to his pension pot, notably as his Anilana International Developments Plc investment failed and is now valued at zero.
Mr R then contacted Hugh James to investigate a potential claim for him.
We advised Mr R that he had received negligent financial advice and to pursue a claim for compensation. However, Blueinfinitas Limited were no longer trading and unlikely to be able to pay any claim even if successful. We therefore turned to the Financial Services Compensation Scheme (‘FSCS’) which is the UK’s compensation “safety net” for customers of regulated financial businesses and can pay compensation in circumstances where a firm in unable to, subject to certain limits set under its rules.
The FSCS considered the application we lodged on behalf of Mr R and paid out a total sum of £39,132.24 in compensation, for the losses suffered as a result of Blueinfinitas Limited’s advice.
If you, like Mr R, have suffered a loss having transferred your pension then contact Hugh James’ Financial Mis-Selling Team today, as they may be able to help.