Mis-Sold Pensions & SIPP Claims

 

If you used any of the following companies for pension or investment advice then there is a chance you are due compensation, if your advisor is not on the list, you could still be owed compensation.  Contact us to have a claims specialist evaluate your case.

 

Failed or under investigation in 2023.

 

March 2023

• SQ Wealth Limited formerly Quays Wealth Management Ltd
• Help Financial Ltd, formerly Sterling Wealth Ltd, AI Financial Management Ltd
• Hudson Foster Financial Services Ltd, trading as Hudson Foster & Co, Great Benefits Financial
• Kings
• The London Trading Company Ltd, trading as Lontrad, TCM Wealth Management
• Wealthmasters Financial Management Ltd
• Green Gem Financial Ltd
• Portal Financial Services LLP formerly Portafina LLP
• DAC Pensions Ltd, formerly Davies & Co SSAS Solutions Ltd trading as DAC Pensions
• Osborn Wealth Management Ltd, formerly Pace Ward Financial Ltd

 

February 2023

• Planet Pensions Ltd s.r.o., v Likvidaci trading as Square Mile International Financial s.r.o.
• Alexander Sloan Financial Planning Ltd
• WGL Altrincham Ltd, formerly Whitehead Group Ltd, Whitehead & Partners Ltd, Viewlane Ltd trading as Priestley & Partners, Whitehead & Partners
• Corporate Benefits Consulting Ltd
• Bailey Richards Wealth Management Ltd
• RSS&L Ltd
• Optimise Wealth Management Ltd
• FP Consulting Ltd trading as The Salmon Partnership, RMS Wealth Management, Honeypot Financial Services, Chilworth Financial Management

 

January 2023

• Nurture Financial Planning Ltd, trading as Premier IFA Ltd.
• Plan Your Retirement Ltd.
• Vintage Investment Services, trading as Vintage, Vintage Protect, Vintage Mortgages.
• Broadgate Financial Management LLP
• Braemar Wealth Management NW Ltd.
• Better Retirement Group Ltd, formerly Directly Financial Ltd, Financial Strategy Ltd.
• Aquila Financial Services

 

Failed or under investigation in 2022 or earlier.

• 1 Stop Financial Services.
• Acklam Financial Ltd.
• Active Finance (Scotland) Ltd.
• Active Wealth (UK) Ltd.
• Alderley Asset Management Ltd.
• Aspen Financial Planning.
• Asquith Hart Financial Management LLP.
• Baker Wainwright.
• Bank House Invesment Management Ltd.
• Bartholomew Hawkins Ltd t/a Turris Port Wealth Management Ltd.
• Blakemore Wealth Management Ltd.
• Blue Infinitas.
• British Credit Trust Holdings Ltd.
• Build Your Wealth Ltd.
• Cherish Wealth Management.
• Choices Financial Services Ltd.
• CIB Life & Pensions Ltd.
• Cowley & Miller Independent Financial Services Ltd.
• Crossbrook Insurance Brokers Ltd.
• Cumulus Investment Management Ltd.
• DK Consulting Ltd, formerly Plan65 Ltd t/a Davidson Rae Financial Management.
• Douglas Baillie Ltd.
• Estate Matters Financial Ltd t/a Pension Matters.
• Fiducia Wealth Solutions Ltd formerly Regen Investments Ltd.
• Financial Page Ltd.
• Henderson Carter Associates Ltd.
• Hennessy Jones.
• Hyde Financial Management Ltd formerly Imperial Wealth Management Ltd.
• Independent Benefit Consultancy.
• Kingsland Financial Management.
• Knightsbridge Financial Management.
• Kynaston-Carnoustie Financial Consultancy.
• Luapkram Limited (Ashton Hoyle).
• Mansion Park Ltd, t/a Mansion Park Scotland, David Head MPL, Michael J Alexander.
• Moneywise Financial Advisors Ltd.
• My IFA Friend.
• Pengwern Wealth Management.
• Pentagon (UK) Ltd t/a MoneySaveSolutions.com, Eurodebt Financial Services.
• Precise Advice Partnership LLP.
• Real SIPP.
• S&M Hughes t/a Crescent Financial.
• SFIA Ltd.
• Shah Wealth Management.
• Solicitors Financial Services (Central Scotland) Ltd t/a Equity Financial Services.
• Strachan and Windram.
• Total Wealth Solutions Ltd.

 

If you have received and acted upon unsuitable pension advice, it is likely you will have either, lost money intended for retirement or lost guaranteed benefits associated with a final salary pension, or both.

 

There are many circumstances in which unsuitable pension advice can occur.

Defined Benefit Scheme Transfers

 

Defined benefit of Final salary schemes provide guaranteed, protected rights that will usually provide a lump sum of money and income for life.  Transferring out of these types of schemes will mean losing those benefits and taking on the risk of managing your own pension funds.

 

The Financial Conduct Authority (FCA) conducted a review in 2018 of a sample of defined benefit pension transfers conducted by regulated firms.  Based upon the cases they reviewed, they concluded that it was extremely likely that the advice received was unsuitable and have requested data from every firm.  During their investigation the FCA found that less than 50% of pension transfer advice was suitable leading to thousands of people losing money and benefits.

 

If you were advised to transfer out of a workplace pension scheme it is the duty of the IFA and SIPP provider to determine whether you are a 'retail' or 'sophisticated' investor.  It is their responsibility to determine what the impact would be on you if you lost some or all of your investment and the level of risk that is suitable for your situation.

 

If any of the following is applicable to you, please fill out the contact form so that a claims management specialist can evaluate your claim.

 

• Did the IFA claim that they had a lot other clients who were also investing in the particular product they were offering?
• Were you offered fantastic returns that seemed almost too good to be true?
• Were you told that the "opportunity" would only be available for a limited time?
• Was the IFA keen to find a lot of investment opportunities for you, as soon as you opened your SIPP?
• Did the IFA make multiple calls to you?
• Has the IFA since stopped calling you and disappeared?

Self-Invested Personal Pension (SIPP)

 

SIPPs allow an individual to take control of the investments within their own pension.  These are typically used by business owners looking to invest in property for their own business use or experienced investors who want to take an active role in their investments or wish to hold individual shares.

 

SIPPs can hold direct investments in company shares, land, commercial property and a variety of non-standard or obscure investments which carry a high level of risk.  The product charges can also be significantly higher than normal and ultimately impact the performance of the investments.

 

Due to these factors, SIPPS are unsuitable for many standard investors and due to the schemes flexibility, it has also been used to either facilitate scams or by firms wishing to offer clients unregulated investments that mights offer commissions that are excessive and inappropriate.

 

Examples of non-standard or unregulated high risk investments are:

• Plots of land (no planning permission).
• Parking Investment.
• Global Forestry.
• Storage Pods.
• Harlequin Property Investment.
• Diamonds.
• Fine Wine.
• Carbon Credits.
• Overseas Land.
• Unregulated High-Income corporate bonds.
• Unregulated overseas investments.
• High Risk Shares and Funds.

 

If you were advised to transfer into a SIPP or to use it to invest in an unregulated or high risk investment, register with us today.