Mrs B held a personal pension fund worth slightly over £30,000—her sole retirement savings. She made it clear that she required a low-risk savings strategy to protect her capital.
She was contacted by Avacade Investment Options and was advised that she could achieve significantly better returns by transferring the full amount to a Self-Invested Personal Pension (SIPP) with Liberty SIPP.
Mrs B was not experienced with pension matters or financial dealings and was consequently wholly dependent upon the advice she received. She was unaware at the time that Avacade Investment Options were, in fact, unauthorised and not regulated by the FCA.
Liberty SIPP allowed the pension fund to be invested in a Melina tree plantation in Costa Rica. This was a speculative and unregulated investment which completely contradicted Mrs B’s requirement for a low-risk pension option.
The company behind this, Ethical Forestry Ltd, has since entered into liquidation, and the prospects of Mrs B receiving any of her money back are now deemed to be low.
We are currently representing Mrs B in a No Win No Fee claim against Liberty SIPP to recover the losses. Compensation of over £30,000 is being claimed. The case is ongoing.
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Mr S transferred over £57,000 into a Liberty SIPP that invested in unregulated agricultural land in Australia. Now unable to sell the land, he faces severe losses. We’re pursuing a claim on his behalf.
Ms N was advised to invest in Costa Rican tree plantations through a Liberty SIPP. The investment proved worthless. We are fighting to recover the £18,000 she lost, plus interest.
Mr B was misled by an unauthorised firm into transferring his full pension into a Liberty SIPP tied to high-risk overseas land. The investment has yielded no returns. We’re now pursuing a claim for £32,000 in compensation.
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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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