Pointon York Limited

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Update on Pointon York Limited – June 2020

Pointon York Limited (“Pointon York”) entered into a creditors voluntary liquidation on 13 November 2018.

Since then the Financial Services Compensation Scheme (“FSCS”) has been investigating the practices of Pointon York, especially in relation to the acceptance of historic high-risk and non-standard investments into its SIPPs.

On 5 June 2020, The FSCS announced;

“Our investigations have focussed on the levels of due diligence carried out by Pointon York before allowing customers to make specific investments under their pensions. From this, we’ve determined that protected claims exist against Pointon York.”

It is important to stress that this announcement does not mean that a claim made against Pointon York will automatically succeed, however, it could potentially lead to customers who have suffered financial losses on pension investments made through a Pointon York SIPP to seek compensation using the claims procedure established by the FSCS.

It is possible that Pointon York, in some instances, failed to comply with their regulatory duties to exercise appropriate levels of due diligence on the investments that were made through the pension products they provided.

Due to the fact that SIPPs provided by Pointon York were often used to invest into high risk, unregulated funds and asset classes, 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 Pointon York as a result.

We are currently acting for clients who have suffered losses on pension investments with Pointon York. We have already been successful in many cases where SIPP operators have overseen high risk pension investments into foreign land investments, property developments, storage units, carbon credits, illiquid investments and other high risk investments. Our expertise in these types of claims in well documented given our involvement in many of the ground-breaking cases the FSCS has referred to.

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 0808 178 5373 for further advice, or fill in the form and one of our solicitors will call you back at a convenient time.

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Mis-selling or mis-management by a SIPP Operator?

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.

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