Have you been mis-sold a SIPP pension investment?
If you have invested your pension into a SIPP (self invested personal pension) at one point in the last few years and have heard stories about mis-selling, you may be worried that you were mis-sold the investment. Or you've seen the value of your pension fund drop to zero because SIPP investments hasn’t produced the expected or promised returns.
If you believe you may have been mis-sold, get a FREE No Obligation SIPP claim assessment with our claims specialists now and start the process to reclaim your loss.
What is SIPP Mis-selling?
SIPP stands for Self-Invested Personal Pension and is a type of investment product that allows you, the investor, to have better control and flexibility of what to invest your pension fund in, compared to standard pensions. As they offer a wider choice of where to invest your money they are better suited to those who have larger funds to invest.
To invest in a SIPP, you can either rely on the advice of a financial adviser or if you are comfortable with and are experienced in making investments, you can do it yourself.
Problems arose when financial advisers recommended investors put their money in high-risk investments via SIPPS without explaining the associated risks. For some, the results meant heavy financial loss.
A financial adviser usually selects SIPP investment funds on their clients behalf and has a duty to ensure that the funds chosen meet their needs and objectives and are aligned with their clients attitude towards risk. However, some financial advisers have placed a client's funds into riskier investments without their client having a full knowledge and understanding of the dangers involved with such action. This practice has resulted in the client making substantial losses in their pension fund and facing financial difficulties during the retirement.
Common Grounds for Compensation claim
You may have an eligible claim for compensation if:
- You were encouraged by your financial adviser to change your investments without a proper explanation of the reasons why you should be doing this.
- You were assured that your SIPP pension value would increase by your financial adviser but has fallen.
- You were not properly informed of the factors which could result in a reduction of the value of investments
- You felt uncomfortable or pressured by your financial adviser into an investment that you didn’t need or want.
- The pension transfer & investment risks were not properly explained to you by your financial adviser.
- Your financial adviser did not properly assess your financial situation by carrying out a fact find exercise.
- At no time did your financial adviser make you aware that your funds were being invested in an unregulated investment.
- You feel that you were given poor advice by your financial adviser concerning SIPPs which has left you financially worse off.
- Information was not provided by your financial adviser about exceeding the £40,000 tax-free limit would make you liable for the 55% income tax.
How SIPP Investment's were Mis-sold
Which organisations Were involved in SIPP investment losses?
There have been many cases of serious and ongoing failings by financial advisers dealing with SIPP investments. These have primarily been to do with the safety of the SIPP investment and their suitability in meeting the investors’ needs.
Where advisers have mis-led investors, not fully disclosed the risks involved or failed to notify any conflicts of interest, the FCA has taken disciplinary action and fined those involved. An example is Tailormade Independent Ltd who encouraged investors to pay into unregulated investments via SIPPs without disclosing that there were conflicts of interest. Many investors lost most of their investment funds as a result.
Tailormade Independent went into liquidation and three directors banned from holding such posts in the financial industry.
Which high-risk & unregulated investment products were Mis-sold?
If your SIPP investments include the following products, you are urged to get in touch for a FREE mis-sold SIPP claim assessment :
- Insurance company funds
- Investment trusts
- Off plan properties
- Overseas land and property (including investments handled by property firm Harlequin which has been liquidated.)
- Quoted UK and overseas stocks and shares
- Resort developments
- Store Pods
- Traded endowment policies
- Unit trusts
- Unlisted shares
SIPP Investment Loss Calculator
I want to claim for SIPP mis-selling – what next?
If you believe you have been a victim of mis-selling it's easy to start the SIPP claim process and find out. Just complete the form below and one of our experienced team members with extensive knowledge of the SIPP complaints process will call you back to start a FREE SIPP claim assessment. They will listen to your situation to assess whether your SIPP investment was mis-sold to you. If there is a claim for mis-selling they will discuss your complaint(s) and options with you and explain how you may be able to claim compensation.
Our SIPP Claim PROCESS
Submit the above form with your contact details. One of our advisers will call to make a free initial assessment to find out if you have an eligible claim, explain the process and what to expect.
Once the initial claim assessment and details have been taken, we will send you letter of authority to sign and return. We can then start to investigate with the adviser or provider concerned, this is the regulated bit.
Once signed paperwork is received from you we will start your claim investigation and do all the necessary work to get you your compensation. You will be kept informed of the progress during this process.
Alternatively you can call us on FREEPHONE 0800 310 1520 to speak to one of our team members who are available Mon-Fri 9.00am - 5.30pm.