He 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 had no knowledge of 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.
He approached us for advice and we are currently acting for him in a no win, no fee claim to recover the full amount he originally invested, plus interest. His case is ongoing and compensation of over £57,000 is being claimed.