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Mis-sold SIPPs can truly devastate the funds of any pension holder. You have spent years building up a nest egg from years of work. However, you may have been encouraged to invest it in some sort of scheme that was of higher risk than you realized. When that happens, you may find that the investment that you originally placed your money in simply vanishes. You don’t want to be left in a stressful predicament where you don’t have enough money to support yourself. That is not fair or right. This is why Gowing Law Solicitors are here to help you get the compensation that you deserve. We know all of the red flags of a mis-sold SIPP and have helped customers of a number of unregulated SIPPs before. That’s why we are going to talk about them in this blog today.

If you have invested in any of the SIPPs mentioned above, we can help you get a pay-out for it being mis-sold to you in the first place. Check out our SIPPs page for more information:

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What is a SIPP scheme?

When you retire, you may be considering the options you have to increase the amount of income you get per week. Most people will start off with either a work-place pension or perhaps a UK state pension. However, this may not be enough to get the pension-holder through the month. This is where SIPPs come in. SIPP stands for ”self-invested personal pension”. These schemes give the pension holder more freedom to grow and expand upon their own pension fund. Investments may include property, bonds and commercial schemes. You will need to decide for yourself the level of risk you are willing to take when it comes to these investments.

Unfortunately, if you are new to the world of SIPPs, this is where unscrupulous investment advisors may try to take advantage of you. Instead of picking out a scheme that is best for your financial situation, they may instead try to push you into an unregulated SIPP scheme that is likely to be very high risk. Here are some red flags that you should be looking out for when it comes to picking a SIPP scheme:

red flags of a mis-sold sipp

As you can see, there are a number of ways that you could be fooled into investing in some sort of high-risk SIPP scheme. You may not be able to get your initial investment back, but you could claim compensation for your losses. This is by proving that you were not at fault for the risky investment. Instead, you did not know all of the facts due to your advisor.

Am I eligible to get compensation for mis-sold SIPPs?

Yes! You can get compensation for your mis-sold SIPP. This is by proving that you were not at fault for investing your money into an unregulated SIPP. You see, financial investment advisors need to follow a strict code of conduct from the financial conduct authority. They have got their experience from previous investment assistance and also through chartered qualifications. Therefore, they should understand exactly how to find the perfect SIPP for you and your financial situation.

If they do not present you with all of the information needed to make a reasonable judgement on the scheme, or perhaps pressurize you into make an investment, you could be owed compensation for your losses. After all, you were not aware of the risk, which means that you could not have made an informed decision. You deserve compensation for being mis-sold a SIPP.

unregulated SIPP schemes

Can I really not get my initial investment back?

We understand that this type of financial mis-selling can have severe consequences on some of the most vulnerable people in the UK. Similar to mis-sold pensions, investing in an unregulated SIPP scheme can leave you without much of your savings left. Unfortunately, you cannot get them back as they have been lost with your initial investment. However, that does not mean that you cannot get a high amount of compensation for your losses. A solicitor can help you understand what sort of pay-out you are entitled to and how you can get it.

Can you give me any examples of unregulated SIPP schemes?

Here at Gowing Law, we want to help as many people as possible around the UK. We understand that if you are an elderly person, you may feel like you have been taken advantage of. Your advisor may not have had the experience you thought they had, or perhaps they simply wanted your money. We have already helped people in your position get compensation for their losses from unsavoury SIPP schemes. We would advise you to check out our SIPPs scheme page for more information on different schemes. You may also want to make sure that the scheme you have currently invested in is not listed! For now, take a look below for some examples of mis-sold SIPPs that we have already managed to claim compensation.

1. The Dolphin Trust

dolphin trust

The Dolphin Trust, also known as The Germany Property Group (GPG), were a high-risk investment group that initially did quite well. However, as the years passed, fewer and fewer people began to see returns. The Dolphin Trust claimed that there was no risk due to the “First Legal Charge” and that their investment would be returned if they could not adhere to their initial contract. However, no clients actually received their money back.

We have already been able to help people get claim compensation for their investments. Investors were eligible for compensation because:

  • You were advised to invest in The Dolphin Trust by an unregulated salesman who made a 20% commission on your investment.
  • Despite having been building for more than 5 years, the buildings that your investment went in to were nowhere near complete.
  • There was a breach of contract between you and The Dolphin Trust.
  • The SIPP advisor has been in breach of their “duty of care” as you were given bad financial advice.

2. Harlequin Properties

harlequin property image

Harlequin Property was one of the biggest SIPP schemes that tended to be involved with other financial investment scandals. It claimed that it was going to create a number of luxury properties in the Caribbean. However, it soon entered liquidation in October 2019. Out of the 6,000 properties only 30 were built. This meant that a lot of people lost their initial investments and their pensions.

One of the main reasons you could be owed compensation is due to the fact that this SIPP scheme promised investors that they would get a guaranteed 10% return on their initial investment. This is why so many people invested in the first place. However, there were also people who were pressurized into investing. But what people didn’t know was that it was an unregulated scheme. That meant that it was extremely high-risk. So, when it did go bust, people simply lost their money. This is why you could now be owed compensation for your losses. So far, the FSCS has already paid £98 million in compensation. We can help you get the pay-out that you deserve.

SIPP schemes with harlequin properties

3. Berkeley Burke

Berkeley Burke image

Unfortunately, there are some SIPPs that are clearly unregulated but refuse to admit that they are fully at fault for the losses of their investors. This is what happened with Berkeley Burke. They started to go against the advice of the FCA and accepted unregulated schemes into their SIPPs. Many people did not realize that their funds or investments had been transferred over to an unregulated third party. Berkeley Burke knew and took an active decision to keep accepting business for these third parties. These third parties may have included:

  • Store First Investments
  • Harlequin Investments
  • Park First Investments
  • Sustainable Agro Energy Investments
  • Harmony Bay Investments
  • SCS Farmland Investments
  • Green Oil Plantations Investments

Ignoring the advice of the FCA meant that soon most of the investors began to experience bad losses. Soon, Berkeley Burke became illiquid. This is why you should be able to claim compensation from your losses.

4. Liberty SIPP

liberty sipp image

Another example of a high-risk investment SIPP is known as “Liberty SIPP”. This SIPP has recently gone into administration due to diligence failures. Whilst they claimed it was to protect their creditors and clients, it should not be overlooked that most of the funds for the investments came from the pensions of the UK public. Some people lost a large percentage of their pension pot because of their SIPP. Most people assumed that there was less risk than there actually was with this SIPP, whilst others were unaware of the extent that this SIPP could damage their pension fund.

Although, Liberty Sipps claimed that they were not liable for the losses made by clients, the Financial Ombudsmen Service did claim that the company was responsible for providing the best deals possible. This is why the company is now in administration and you could be owed compensation for your losses.

5. Pointon York SIPP Solutions

pointon york sipp solutions

Pointon York SIPP is an example of a pension scheme that may have been pushed on you due to an inappropriate non-standard investor. You may have been told by an independent advisor to put your work pension in a Pointon York SIPP, to increase the amount that you would get overall. However, due to customer negligence and non-regulated investments, the company went into liquidation in 2018. Most customers did not realize that Pointon York was a high-risk SIPP. That’s why they simply lost their money when the company was shut down. If you were one of these victims, you could be owed compensation.

If you think you have been mis-sold a SIPP from Pointon York, it is most likely due to:

  • Being pressurised by a financial advisor
  • Being advised to move your pension from a work-place pension into a SIPP

If this has happened to you then Gowing Law Solicitors can help you with your claim. All you need to do is let us know what has happened and we can let you know some advice about how you could move forward to get your compensation.

SIPPs to be aware of

What should I do if I am a victim of mis-sold SIPPs?

If you have lost money due to a mis-sold SIPP scheme, it is your right to claim compensation from the FCA, especially if the company has already gone into liquidation. Gowing Law Solicitors can help you get your compensation. Our specialist financial mis-selling lawyers can answer any questions you may have and can help you fill out any tricky paperwork. They can also help you establish your evidence so you can prove that you were genuinely mis-sold. For instance, if you were not asked to sign a contract and instead were just pressurized into investing, you can show that your financial advisor provided you with bad financial advice. You need to prove that you were not at fault for your losses. That’s why you can claim compensation.

Gowing Law Solicitors is here to help you with your mis-sold SIPP.

Mis-sold SIPPS button

Here at Gowing Law Solicitors, we understand that it can be overwhelming when you lose your investment due to a mis-sold SIPP. That’s why our specialist financial mis-selling lawyers are here to help you get the pay-out you deserve. We can provide you with expert advice and consultations to get you started. If you are happy to work with us, we can offer you our services on a “no win-no fee” basis. That means you will not be asked to pay any hidden fees and will always come out on top.

To get started, please call 0800 041 8350, email info@gowinglaw.co.uk or use our direct messenger located on our contact page. Feel free to check your claim with us. One of our team members will get in contact with you as quickly as possible.

Want to learn more about mis-sold Sipps?

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Make sue to keep an eye on our blog for the latest information about Mis-sold SIPPs and pensions. We keep it updated with new articles every week. If you cannot find the article that you want to read, why not send in your suggestions? We would be more than happy to write about them. Send in your questions to info@gowinglaw.co.uk.

We look forward to seeing you in our next blog.

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