Cumulus Investment Management SIPP Claim

Cumulus Investment Management SIPP Claims

Cumulus Investment Management was dissolved in June 2017. They were a Cardiff based firm that dealt predominantly with the Ukrainian Property Fund.

There have been numerous complaints lodged regarding this investment, which have been upheld. As the firm itself was liquidated, these pay outs were resolved by the FSCS.

Complaints around the firm have centred on the investments being too risky, the firm itself claiming to advise on an “execution only” basis (which means they claimed to just be following the instructions on the customer), and features concerns around a potential conflict of interest, as the directors of the firm were also directors the fund being invested in. For these factors, as one of the cases looked at by the FOS shows, the customer should not have taken the SIPP.

If you dealt with Cumulus during a transfer, or a firm transferring your funds into property based in Eastern Europe, the approach that the FOS and the FSCS has taken shows that you could be entitled to compensation.

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:

  • Cumulus Investment Management did not explain the pension transfer & investment risks to you properly.
  • Your financial situation was not properly assessed with a fact find by Cumulus Investment Management.
  • You felt uncomfortable or pressured by Cumulus Investment Management into an investment that you didn’t need or want.
  • Cumulus Investment Management did not explain that the amount you get back will depend on performance.
  • Cumulus Investment Management did not accurately explain the fees and charges that would be incurred.
  • You were unaware that Cumulus Investment Management had advised you to invest in an unregulated investment.
  • You were not advised by Cumulus Investment Management 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 Cumulus Investment Management 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.

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