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Home » Latest News » Pension Mis-selling and Mis-sold SIPP Claims

Pension Mis-selling and Mis-sold SIPP Claims

Pension Mis-selling and Mis-sold SIPP Claims

A small number of Independent Financial Advisers (“IFA”) have abused the SIPP system when advising investors on their SIPPs by recommending wholly unsuitable, high risk, investments (which netted the IFA high fees and commissions) resulting in pension funds being moved away from relatively safe occupational or final salary pension schemes in to high risk, illiquid investments.

A Self Investment Personal Pension (“SIPP”) is a vehicle for investing pension funds. It should be a flexible way in which to plan for retirement, giving the investor the freedom to make their own investment choices with the added convenience of having a number of their pensions in one ‘pot’.

A small number of Independent Financial Advisers (“IFA”) have abused the SIPP system when advising investors on their SIPPs by recommending wholly unsuitable, high risk, investments (which netted the IFA high fees and commissions) resulting in pension funds being moved away from relatively safe occupational or final salary pension schemes in to high risk, illiquid investments. Unfortunately this has resulted in the complete loss of the pension investment.

The following types of high risk, illiquid investments were commonly, and wrongly, recommended:

  1. Storage pods
  2. Airport car parking spaces
  3. Tree harvesting
  4. Australian farmland
  5. Green Oil and Biofuels
  6. Carbon Credits
  7. Overseas properties and hotel resorts
  8. Loan notes
  9. Death Bonds

The same fund names crop up time and time again within the above categories and we will be happy to tell you whether any fund in which you have invested (and about which you may be concerned) is among them.

Those who have been left out of pocket by investing in mis-sold SIPPs may be able to recover some or all of their lost pension funds by making:

  1. A claim against the IFA for professional negligence
  2. A claim to The Financial Ombudsman Service (which can award up to £150,000)
  3. A claim to The Financial Services Compensation Scheme (which can award up to £50,000)

The law has recently evolved to enable claims to be brought against other related parties- such as the SIPP provider or Discretionary Fund Manager of an investment portfolio.

Compensation awards aim to put the investor back in the position he or she would have been in had the unsuitable advice, pension transfer and subsequent investment not taken place. Typically the claim is for:

  1. Loss of pension (i.e. the amount transferred in to the SIPP)
  2. Loss of pension growth (i.e. the amount the original pension would have grown by, had it been left in place)
  3. Fees (of the IFA)
  4. Stress and inconvenience

Bridge McFarland Solicitors are experts in claims of this nature and all avenues open to those who have been badly advised and lost money as a result. We will maximise both the prospects of success and the amount recovered. We can act on a ‘no win no fee’ basis to avoid any worry that any attempt to recover lost pension funds could be throwing good money after bad.

  • To find out how our Professional Negligence lawyers can help you, contact us on 01482 320620, request a call back or enquire online.