9 July 2019 | Comment | Article by Ria Coleman
We are acting on behalf of a number of individuals in relation to claims against Guinness Mahon concerning investments made through Self-invested Personal Pensions (SIPPs).
These individuals have transferred their pension benefits from traditional pension schemes into SIPPs administered by Guinness Mahon. Through the SIPPs, inexperienced investors have invested in high risk products, without being advised to seek appropriate advice from a regulated financial advisor. Typically, these investments include Dolphin Capital loan notes, Ethical Forestry investments and AIGO loan notes amongst other unregulated investments.
Often the investments are unsecured, without a tangible asset underlying the investment, subject to overseas jurisdiction and illiquid meaning investors can have difficulty withdrawing funds when they are looking to draw on their pension. These investments were often sold by unregulated firms with promises of guaranteed returns. Many investors have now either lost a large amount of their pension funds, or due to illiquidity, are unable to access their funds.
The SIPP provider is facing accusations that they accepted unregulated and high-risk investments into SIPPs which were unsuitable for this type of scheme, without conducting the appropriate due diligence into the investments. It is also alleged that they accepted high volumes of pension transfers from unregulated parties and failed to carry out due diligence into the advice provided by these firms.
Many individuals and their pensions may be affected in similar circumstances and we are currently pursuing a number of claims on a no win, no fee basis. If you have transferred your pension into a Guinness Mahon SIPP please contact the Hugh James Financial Mis-selling team for advice regarding a potential claim.