High Risk SIPP Investment Mis-selling

High Risk SIPP Investment Mis-selling


Pension Investment Claims

High-risk investments were sold to innocent hard-working savers by marketing companies or by an Independent Financial Adviser (IFA) which subsequently didn’t perform as described or failed completely. Many were possibly mis-sold. If this happened to you, we can help in claiming compensation.

The FCA regulates how SIPPs and cash investments are invested in, with strict guidelines for companies that sell investment products to follow and comply with.

So, what is mis-selling?

Mis-selling is when you were given unsuitable advice: the risks were not explained; you were not given the information needed; and the result is a product that isn’t right for you.

A direct consequence of mis-selling is the value of your pension falling instead of increasing, contrary to the reassurances given by your financial adviser. Another tell tale sign of mis-selling is if you were not advised about charges which erode the value of your pension, or if you were advised to change your investments, without an explanation of what the benefits are.

Have you been mis sold?

Due to poor advice or corrupt advisers, many people lost a significant part of their pension fund. The result is tens of thousands of pounds may have been lost because of investing in a product you may not have wanted or understood.

Fees charged for SIPPs is normally higher because of their flexibility and the potential for high earnings for investors. This has resulted in pension and financial advisers to convince savers to take up SIPPs over other products simply to earn more commission themselves. It is the fees and the commission that may not have been clearly explained to you at the point of sale.

If any one of these facts applies to the way you were sold your SIPP, this could be a potential mis-sale by the adviser.

Furthermore, some SIPP advisers went as far as to encourage clients to pay into investments abroad which subsequently dissolved. Savers lost large sums of money as a result.

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If you invested in any of the following:

  • Overseas property;
  • Hotel developments;
  • Forestry projects;
  • Fruit farming projects;
  • Wine;
  • Diamonds;
  • Carbon credits;
  • Storage pods;
  • Green oil.

Chances are any investments made may be unregulated and if you were mis-sold you are unlikely to recover any money.

If you invested in the following types of fund companies:

  • Green Energy;
  • Harlequin Property;
  • Forestry;
  • Carbon;
  • Wine;
  • Other offshore or UK based funds that offered high returns.

If so, we may be able to help you recover your money even though the funds have completely failed.

Which SIPP Schemes Accepted Unregulated Investments?

Examples of Self Invested Personal Pension investments that may qualify for mis-sold SIPPs compensation include the following but are not limited to:

  • Trees & Forestry;
  • Wine;
  • Storage Pods;
  • Overseas Property;
  • Overseas stocks and shares;
  • Unlisted shares;
  • Collective investments;
  • Land or commercial property;
  • Carbon Credits.

As investment opportunities available to SIPP investors are so wide ranging, there are a lot more you may have been advised to invest in incorrectly. If you have any doubt about where you have invested in for your pension or feel the advice given was poor, contact our advisers on the number given to see if you can make a claim.

There are always risks associated with certain types of investments, some are higher than others. The Financial Conduct Authority (FCA) puts a duty on your adviser to check that the investment being proposed is sound and the right one for you to invest in.

 

Even if the financial adviser who sold you the investment or the firm(s) you invested in are no longer trading, our experienced team may still be able to recover some of your losses. Complete the form to get in touch and request a call back to discuss your case with us.

 

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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.

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.