He had pension savings of slightly over £32,000 and did not want to take any risks with this money as he was approaching retirement. He would therefore have little opportunity to make back any losses which may potentially be suffered through higher risk investments.
He received unsolicited contact from PFR Services who, he later discovered, were not authorised or regulated to give financial advice. They stated that he could make significant gains by transferring his pension to Liberty SIPP and by then investing the fund in agricultural land in Australia.
Mr B acted in reliance upon this advice and transferred his entire pension to Liberty SIPP. The investment was into a high risk and unregulated asset class and therefore exposed him to a much higher level of risk than he had been intending to take or was comfortable with.
The SIPP has failed to provide any return and he is currently unable to sell the assets or otherwise exit the fund. It is considered that he has a low prospect of receiving his money back.
Mr B asked us to represent him in a no win, no fee claim against Liberty SIPP to recover his financial losses. The case is ongoing and compensation of over £32,000 is being sought.