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If you have been mis-sold a SIPP scheme, you may have lost a significant amount of money from your investment. This can leave you feeling scared and vulnerable. After all, you went into the investment thinking that you were going to increase the amount of your work pension. Instead, you may have been forced into a scheme that was completely unregulated by the Financial Conduct Authority (FCA) and not even realized it! That’s why it’s time for you to get compensation for your lost funds. However, you may feel a little unsure about how you can go about how you can get started with any case of financial mis-selling for SIPPs.

Gowing Law Solicitors can help you with your mis-sold SIPP scheme and make sure that you get the compensation that you deserve. Our team can offer you no-obligation advice and make sure you are always updated about how your claim is progressing. We have even created a quick claims form that you can use to schedule a call with our specialists!

Click on the button below to visit our mis-sold SIPPs page for more information:

Mis-Sold SIPP Claim Button

What is a Mis-Sold SIPP Scheme?

SIPPs stand for “Self-investment personal pension’s scheme”. They are used to help you invest in certain plans that can add a little extra to your pension pot. A mis-sold SIPP scheme is very similar to a mis-sold pension claim. Initially, you may have invested in order to increase the amount of money received during your retirement years. It’s a very common thing to do, however, we would recommend doing it if you feel as if you have the investment experience to understand what a good investment actually is.

The type of schemes you can invest include new and upcoming projects that could require public investment to get going. Here are some examples of the schemes and assets that you could invest in through SIPPs:

  • UK and overseas stock
  • Shares
  • Investment trusts
  • OEICs and unit trusts
  • Insurance bonds
  • Property

If you don’t have the experience to know what sort of investment would best suit your own needs, it’s important that you speak with an investment advisor in order to get their opinions on how you could increase your pension. Make sure to do your research before you choose the best advisor for you. Always look up their qualifications or ask to speak to them before hand before any sort of contract is signed. That way you can avoid any bad investments before they impact you financially.

A bad investment does not count as a mis-sold SIPP scheme. Instead, you have to have evidence that you were not given clear advice before making your investment. This is what defines your investment as mismanaged.

Investment in a mis-sold SIPP scheme

What is an example of a non-regulated SIPP scheme?

Over the last few years, a number of different non-standard pension investment schemes have been created and offered to UK citizens. Unfortunately, the majority of these schemes ended up being mis-sold as they were non-standard investments. Instead of having a good outcome for the investors, the advisors ended up making a large commission. This meant that the majority of SIPP scheme investors ended up losing a lot of money from their pension, to the extent where it affected their livelihoods.

Some examples of these non-regulated schemes included:

Examples of a mis-sold SIPP scheme

As you can see, there are different types of schemes that may not actually qualify as SIPPs. Instead, they could have been mis-sold to you and forced you to pay out more than you actually needed to. You don’t want to be left vulnerable without your pension. That’s why it’s important that if you actually are the victim of a mis-sold SIPP, you get at least some compensation for it. That way you can feel confident that you will be able to support yourself in the future.

invested money in SIPP schemes

How do I spot a mis-sold SIPP scheme?

As you now understand what it means to be the victim of mis-sold SIPPs, if you are considering investing in a scheme, you need to keep an eye out for some red flags that could distinguish a good investment from a bad investment. To be eligible for a mis-sold SIPP claim, you need to fall into one of the following categories. One of our solicitors can then help you with your claim or you can seek advice from the FCA to see if it is a SIPP that they have already been alerted to it.

You can also click the button below to visit our mis-sold pensions form:

mis-sold pension claims button

1. Your financial advisor was not as experienced as you thought

To be a successful financial advisor, you must go through training, get certain qualifications and also have experience in the field. That way the clients know that they are in safe hands when they turn to the investor for help. Unfortunately, this is not always the case. In some cases, the advisor may have not had the experience that you thought they had. Instead, they could have lied about their qualifications in order to secure new clients or to get you to invest in a certain scheme.

If you are going to invest on someone else’s advice then make sure that they are qualified to give it. That way you can feel secure that they are telling you the truth. You can also do your own research into the investments they suggest. That way you can feel more confident in their abilities and are not giving your money away without knowing the full facts.

evidence about mis-sold Sipp scheme

2. There were more risks to your chosen SIPP scheme than were explained to you

When you pick a SIPP scheme to invest in, it’s important that your advisor tells you all of the risks that are associated with it. This includes how much you may lose if the scheme ends up folding or if there are any changes to the scheme. Your advisor should be willing to give you information on the full contract and what the potential problems are. That way you can be flexible and make a choice surrounding which scheme you actually want to invest in.

If you get pushed into a certain scheme instead of making your own choice, it could look as if you were forced into it. This is not allowed and you have the right to let the FCA know about it. You were pressurised into a certain scheme without knowing the full risk. Therefore, your advisor mis-sold you a SIPP scheme.

SIPP schemes without a contract

3. Your advisor received a commission for getting you involved in the scheme

A clear sign that you have become the victim of a mis-sold SIPP scheme is when your advisor has made a profit on your investment. Sometimes large SIPP schemes and companies pay off third parties to advise people to join the scheme. However, the investor does not know this until it is too late. This is why you may think that they are picking schemes that are personalized to you and your financial situation, but in reality they are trying to get the best deal for themselves. Sometimes, you may even find that you are cold-called out of the blue about specific schemes that get the advisor a commission.

A common trick is that one party will pass you on to another in order to convince you that the scheme is completely legitimate. Instead, they work for the same company and simply wish to secure a deal. You may also find that the details about the company are very vague, but the fees to join the scheme are extremely high. It is very likely that these type of schemes may dissolve before you see any return on your original investment.

SIPP Scheme personalization

4. You were not told how your money was going to be invested

Sometimes when you invest your money in certain schemes, you don’t actually know where it is going to be invested. You may initially think it is going into legitimate projects, but then find it was actually sent elsewhere. For instance, you may have thought that your SIPP was invested in hotels that were going to be created around Europe. However, years later these hotels still have not been created and you have not seen a return on your money. This is a sign that it may have been invested elsewhere or could have gone into the pockets of unscrupulous business people. This is a clear sign that you have become the victim of a mis-sold SIPP scheme.

Before you go into any sort of SIPP scheme, you must find out as many details as possible about the scheme. That way you can feel good knowing that you have made a solid investment without there being a chance of repercussion on you or your pension. If you want to know a fact, ask as many times as you like. If you cannot get an answer you are satisfied with, it is wise that you find a different scheme to invest in.

5. You were told to transfer your work pension into a SIPP scheme

Sometimes people dabble in investing in smaller schemes, but don’t actually have any interest in changing their work-place pension or fully investing their entire pension into a scheme. However, you may have done this if your financial advisor told you to. Despite having plans to simply remain in the same pension as you originally built up, this can look like an act of pressure if you did not want to actually make an investment in a certain scheme. This is an obvious sign that you have been mis-sold a SIPP scheme. In fact, it can go a step further and make it look as if you were forced to give up your money, depending on the circumstances of your investment.

If this has happened to you and you feel as if you were forced, do not sit in silence. Instead, let our solicitors or the FCA know exactly what happened. They can help you claim compensation for what has happened to you.

financial mis-selling for a SIPP to avoid tax

How can I prove that I was mis-sold a SIPP scheme?

The best way to prove that you were eligible to make a claim when you were mis-sold a SIPP scheme is through your evidence. You need to be able to show that you received unsuitable advice from your advisor. That way you suffered a financial loss due your investment (aka. because of their advice.) If you can show that the advice caused you to experience extreme financial damages, you can prove that you deserve compensation. You may not be able to get your full pension returned to you, but you will be able to get help. We understand that you can feel vulnerable and afraid after this sort of thing has happened. But our solicitors will be here to help you through this difficult time.

Start on your mis-sold SIPP scheme claim today!

Mis-Sold SIPP Claim Button

Here at Gowing Law Solicitors, we want to help as many people. That way they can get compensation for their mis-sold SIPP claim. Our specialists are here to give you no-obligation advice and consultations to get started. If you are happy to move forward with the claim, our solicitors can work with you on a “no win-no fee” basis. That means you will always come out on top. You will never need to pay any hidden fees. Instead, our solicitors will be upfront about their costs. You will only need to pay them if they win your case for you.

Contact Gowing Law Solicitors today by calling 0800 041 8350, emailing or by using our claims checker. One of our claims specialists will then be in contact as quickly as possible to discuss your claim. Feel free to direct any questions towards them.

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If you want to learn more about this sort of financial mis-selling, the best place to look is our blog. We update it with the latest information about personal injuries and tax claims. The blog has brand new content every single week. So keep an eye to see what we have wrote about this week. Occasionally, you may see additional content about our competitions and seasonal events. If you cannot find the content that will answer your questions, feel free to write in to let us know. We would be more than happy to create blogs about your suggestions. Send in your questions to You can also keep an eye on our social media to watch our informative videos and posts.

We look forward to seeing you in our next blog.

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