Mis-sold pensions

 

Hugh James specialises in acting for clients who have been mis-sold pensions.

Many of the clients we act for had been encouraged to move their pension from safe, traditional occupational and/or private pensions in to self-invested personal pensions (known as SIPP’s) where the underlying investments are unregulated, high risk and speculative.

What is a SIPP?

A SIPP is a pension vehicle.

With a SIPP you have more choice and control over what you choose to invest in and you can invest in unregulated products.

SIPP’s are designed for people who want to manage their own funds and have more flexibility in respect to switching their investments.

SIPP’s have been used as a platform to invest in high risk funds and illiquid assets which have resulted in financial loss for many of our clients.

What is an unregulated investment?

An unregulated investment is an investment that is not regulated by the Financial Conduct Authority.

Examples of these unregulated investments include:-

  • Harlequin property investment
  • The Resort Group
  • Store Pods
  • Sustainable Agroenegy
  • Green Oil
  • Los Pandos Development
  • Global Forestry
  • Ethical Forestry
  • Cape Verde
  • Elysian Fuels
  • Global Cure Environmental Investment
  • Parking investments
  • Australian Farmland

Due to the high risks involved, these investments are usually only suitable for experienced and sophisticated investors; they are not suitable for an ordinary or inexperienced investor.

How do I know if I have been mis-sold a pension?

A pension may have been mis-sold to you if one or more of the following statements is true:

  • The risks involved were not properly explained to you;
  • Your personal circumstances were not properly considered by your financial adviser;
  • You were of an age for the transfer and investment to be deemed unsuitable for you;
  • You were not properly advised on how your money would be invested;
  • Your financial adviser did not carry out a ‘fact find’ exercise to establish your financial circumstances and objectives;
  • Your attitude to risk or capacity for risk were not properly considered;
  • You were not provided with any specific advice in respect of the underlying investment.

I’ve been mis-sold a pension, what should I do?

Your financial adviser has a duty to check that the proposed investment is sound and that the recommendation to invest is suitable for you. If you believe you have been mis-sold a pension and lost money due to unsuitable advice, you need to act fast. There are strict time limits for bringing a claim.

Hugh James’s expert Financial Mis-Selling team will be able to guide you through the process to recover your money and can represent you on a “no win, no fee” basis.

If you have been mis-sold a pension, speak to our expert financial mis-selling solicitors today, to find out how we can help you recover your money.


Berkeley Burke SIPP Litigation

The deadline to join the Berkeley Burke group litigation has now passed.

An application for a group litigation order (GLO) in respect of Berkeley Burke SIPP Litigation has been approved by the High Court.

The High Court has made a Group Litigation Order on 23 January 2018 in relation to a group action to be pursued by individuals who hold Self-Invested Personal Pensions with Berkeley Burke SIPP Administration Services Limited.

The group action concerns claims for damages, interest and costs arising from the establishment and operation of Self-Invested Personal Pension plans.  The court has ordered that any individual who wishes to pursue such a claim can join the group action by being added to the group register of claims.  No claim may be added to the register after 23 July 2018 without the permission of the managing judge.

The court has appointed joint lead solicitors Hugh James and Wixted & Co to manage and coordinate the claims.

 


Independent Financial Advisers

The following regulated firms have been identified as firms that made SIPP transfers:

  • 1 Stop Financial Services
  • Phoenix Financial Solutions
  • The Pensions Office
  • Moneywise Financial Advisors
  • MAC Financial Advice LLP also trading as KMA Wealth
  • Demontfort Professional Wealth Management LLP
  • Active Investment Services Limited
  • Douglas Baillie Limited
  • Bankhouse Investment Management Limited

Third Party Introducers

If you were introduced to the SIPP by a third party introducer that was not authorised and regulated by the Financial Conduct Authority, you may still be able to recover your losses.

The following are examples of third party introducers:

  • Jackson Francis
  • CLP Brokers
  • TPS Land
  • PFR Services

SIPP Operators

The following are examples of SIPP operators:

  • Berkeley Burke
  • Carey Group
  • Rowanmoor
  • Curtis Banks
  • Guardian Pension Consultants
  • The Lifetime SIPP Company
  • London & Colonial
  • Novia


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