Financial Loss On SIPPs With Stadia Trustees
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We have encountered an increasing number of cases where people have suffered financial losses investing or transferring their pension funds into a Self Invested Personal Pension (SIPP) provided by Stadia Trustees Ltd.
Senior Associate Tim Hampson works for award-winning Neglect Assist. He has many years experience and is currently acting on behalf of a number of people in claims for financial losses on SIPPs provided by Stadia Trustees Ltd
Read more about Tim or contact him here
The SIPP has acted as a wrapper in many instances for investment of funds into high risk or illiquid investments such as the Los Pandos Vineyard in Spain, storage pods provided by Store First Limited or the GAS Verdant scheme in Australia. The investments are wholly unsuitable for pension fund investments. This has led to people suffering devastating financial losses on their pension funds and in some situations, the full fund value has been lost entirely.
While Stadia Trustees Ltd have now ceased trading, it may be possible for clients and customers who have lost money through dealings with this company to seek compensation using claims procedures established by the Financial Services Compensation Scheme (FSCS).
The FSCS have recently been investigating whether Stadia Trustees Ltd complied with their regulatory duties by exercising appropriate levels of due diligence on the investments that were made through the SIPPs they provided.
Due to the fact that SIPPs provided by Stadia Trustees were often used to invest into high risk, unregulated funds and asset classes, many of which were based overseas, there may be strong grounds for their clients to argue that there has been a failure to exercise this due diligence. It follows that those affected may be able to recover compensation for losses sustained through dealings with Stadia Trustees Ltd as a result.
We are currently representing a significant number of people who have lost money on SIPPs held with Stadia Trustees Ltd in claims for compensation.
If you are similarly affected then we would like to hear from you as we may be able to assist you in bringing a no win, no fee claim to recover your losses. Please call us on 0800 152 2620 for further advice, or fill in the form and one of our Solicitors will call you back at a convenient time.
We are acting on cases where advice to invest in, or transfer to, a SIPP provided by Stadia Trustees Ltd has commonly been given by third parties who in many cases are unauthorised and who are not regulated by the Financial Conduct Authority. In some cases, the unauthorised introducer was subject to an FSA (as it was then) Warning Notice, yet Stadia Trustees Ltd still accepted applications from that individual.
If this applies to you, please be aware that this it does not affect your right to claim in any way at all. Stadia Trustees still owed a duty to exercise due diligence on the suitability of their SIPP investments regardless of who the customer initially had dealings with. A report published by the financial regulator commented;
We are clear that SIPP operators cannot absolve themselves of any responsibility for the SIPP advice given by third parties such as IFAs, and we would expect them to have procedures and controls, and to be gathering and analysing, management information, enabling them to identify possible instances of financial crime and consumer detriment such as unsuitable SIPPs.
If you have suffered financial loss as a result of investing or transferring a pension to a SIPP with Stadia Trustees Ltd then please call us on 0800 152 2620 for free and without obligation advice.
Have you suffered financial losses on a SIPP operated by a SIPP operator? If so, then you may have grounds for bringing a No Win No Fee claim.
Some SIPP operators have entered into dealings with third party advisers who are not authorised and regulated by the Financial Conduct Authority to give pension or investment advice. This is despite their regulatory body publishing alerts and giving warnings against such actions.View More