Brooklands SIPP Pension Claims
Brooklands Trustees was a large company that operated in several countries. They are however now in administration. Their SIPP portfolio was transferred to another business, and Brooklands Trustees were embroiled in a case relating to offshore property. One customer of Brooklands Trustees who invested his final salary pension into an unauthorised Australian property fund and lost all his money. He was awarded £150,000, the maximum amount that can be granted by the FOS. This was meant to put the individual back “to the position he would have been but for the unsuitable advice.” However, this customer was still out of pocket by £110,000.
This was unusual as Brooklands was not the seller of the SIPP, but the provider. The FOS held that if they had carried out the necessary due diligence on the investment, the transfer would not have come about.
As a result of this case, the FSCS is expecting a number of claims relating to Brooklands, with losses totalling £1.6 million from the off shore property scheme above. Brooklands continues to dispute the findings of the case, however if the FCA decision stands, many customers could potentially claim compensation.
How Brooklands Trustees Limited May have Given Bad Advice?
In order to determine if you are eligible for a SIPP compensation claim please check If any of the following statements is true in your case:
- You did not use a Regulated Adviser and Brooklands Trustees Limited did not properly check the suitability of your investments before allowing them into the SIPP.
- Brooklands Trustees Limited did not explain the pension transfer & investment risks to you properly.
- Your financial situation was not properly assessed with a fact find by Brooklands Trustees Limited.
- You felt uncomfortable or pressured by Brooklands Trustees Limited into an investment that you didn’t need or want.
- They did not explain that the amount you get back will depend on performance.
- They did not accurately explain the fees and charges that would be incurred.
- You were not aware that you were investing in an unregulated investment.
- You feel that you had poor advice about your SIPP which has caused you financial loss.
If any of the above points stand true, then it may be possible for you to get compensation.
Pension Redress Calculator
How To Use The Calculator
Our pension redress calculators will give you an indication of how much your mis-selling refund could be worth. If your case is upheld, the exact value of your refund will not be known until all the facts of your case have been disclosed and a final figure calculated by the firm.
1. Enter your details into the Red Boxes
Ongoing Monthly (£) is optional if you continued to pay in each month after switching.
2. Choose your growth rate %pa.
Select the rate that you feel your previous pension was growing at. 3% Low, 6% Medium or 9% High rate.
3. Compare your values.
See what your pension would have been worth if you had left it in the previous scheme vs. the new scheme. Choose to compare current value or value at your chosen retirement age.