TailorMade Independent SIPP Claim
The FCA website notes the following regarding TailorMade Independent Ltd: “The former director of advisory firm TailorMade Independent Ltd (TMI), has been banned from senior positions in financial services and fined £165,900 by the Financial Conduct Authority (FCA). The FCA found Mr Robert Shaw failed to ensure that TMI assessed the suitability of investments made through Self-Invested Personal Pensions (SIPPs) for its customers, and failed to ensure that TMI identified and managed its conflicts of interests.”
This was mis-selling on a huge scale - some 1661 clients, with £112.4 million invested in SIPPs, a large proportion of which was invested in overseas property, through Harlequin. By not giving advice on the underlying investment, just the SIPP wrapper itself, the firm was a long way short of the quality of advice required. The firm itself is now in liquidation, however claims can still be made with the Financial Services Compensation Scheme, allowing customers to potentially recover at least some of their lost investment.
Grounds On Which You May Have Been Mis-Sold
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:
- TailorMade Independent did not explain the pension transfer & investment risks to you properly.
- Your financial situation was not properly assessed with a fact find by TailorMade Independent.
- You felt uncomfortable or pressured by TailorMade Independent into an investment that you didn’t need or want.
- TailorMade Independent did not explain that the amount you get back will depend on performance.
- TailorMade Independent did not accurately explain the fees and charges that would be incurred.
- You were unaware that TailorMade Independent had advised you to invest in an unregulated investment.
- You were not advised by TailorMade Independent about exceeding the £40,000 tax-free limit would make you liable for the 55% income tax.
- You feel that you were given poor advice by TailorMade Independent concerning SIPPs which has left you worse off financially
If any of the above points stand true, then it may be possible for you to get compensation.
Pension Redress Calculator
Our pension redress calculator 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.
To use the calculator please follow the instructions below.
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.