Ms H held an occupational pension worth £250,000. The scheme offered strong benefits that were superior to those typically available through other private pension plans. She was dependent upon the income that this pension would provide to maintain living standards during her retirement years. She had little knowledge or experience of financial matters and did not want to take a risk with her pension.
She was informed that a better level of return could be achieved by transferring the full fund value to a Self Invested Personal Pension (SIPP) administered by Carey Pensions UK LLP. The SIPP was then used to invest in storage pods and agricultural land in Australia.
This was completely contrary to her requirement for a low-risk pension option, as these funds were unregulated, highly speculative, and came with a considerable element of risk.
These investments failed. Ms H has received no return on the investments and is unable to withdraw or transfer any money from either fund. The likelihood of her receiving any sort of financial return from the SIPP is deemed to be low.
We are pursuing a No Win No Fee claim against Carey Pensions for over £250,000. The case is ongoing.
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Mr A from Kent transferred his entire pension fund into a SIPP following advice from an unregulated party. The investment, now tied up in storage units, has yielded no returns. We are pursuing a mis-selling claim of over £50,000 on a no win, no fee basis.
Retired and in ill health, Mrs L remortgaged her home to invest based on poor financial advice. The fund failed and she had to sell her home. We secured £70,000 compensation.
Upon retirement, Mr H from Sheffield was advised to invest his savings into a SIPP focused on commercial property. The high-risk investment led to significant losses, but we secured £170,000 in compensation for him.
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You do not need legal representation to make a financial services claim. You can complain yourself at no cost and under FCA rules, the financial services provider must provide a response. If you feel this is unsatisfactory, you can complain to the statutory redress bodies, the FOS and FSCS who can award you compensation. This is a free service.
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