Mr S held two mainstream personal pension funds worth a combined total of slightly over £57,000. He did not have any significant savings or investments elsewhere and therefore wanted to be cautious with how these pension funds were used.
He was contacted by PFR Services, who persuaded him that higher levels of return could be achieved by transferring the funds to a Self-Invested Personal Pension (SIPP) with Liberty SIPP. His money was then used to purchase plots of agricultural land in Australia.
Mr S was completely dependent upon the advice he received, as he did not know the proposed investment and little previous experience with financial dealings. He was unaware at the time of his initial dealings with PFR Services that they were not authorised or regulated by the Financial Conduct Authority (FCA) to give financial advice.
The agricultural land purchased by Mr S was supposed to provide a financial return through the sale of crops grown on it. This has failed to occur, and there are also serious concerns that the land itself is worth significantly less than the original price paid for it. He is currently unable to dispose of the land or otherwise exit or withdraw from the fund with Liberty SIPP, and he is facing significant levels of financial loss as a result.
We are acting for Mr S on a No Win No Fee basis to recover his losses. His case is ongoing, and compensation of over £57,000 is being claimed.
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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.
Mrs B relied on unregulated advisers who convinced her to transfer her entire pension into a Liberty SIPP that funded a Costa Rican tree plantation. The investment collapsed, and we are now pursuing a claim to recover over £30,000.
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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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