Mrs H had a final salary occupational pension plan which was valued at slightly over £73,000. She met with a financial adviser and was told that higher levels of return could be obtained by making a transfer to alternative funds.
Mrs H did not have extensive knowledge of pensions and made it known that she required a low-risk option because she would be dependent upon this money for her future retirement.
Despite her cautious approach, Mrs H was persuaded to transfer the full amount to a Self-Invested Personal Pension (SIPP), which was then invested into a Green Oil fund. This was a high-risk, speculative, and unregulated investment fund, which was wholly inappropriate for Mrs H’s circumstances.
Mrs H lost most of her invested funds and missed out on the secure income her final salary scheme would have provided.
We represented her in a claim for the financial losses she had suffered as a result of transferring her pension to the SIPP. We were successful with the action, and Mrs H received £90,000 compensation.
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Upon retirement, Mr H from Sheffield was advised to invest his savings into a SIPP focused on commercial property. The high-risk investment led to significant losses, but we secured £170,000 in compensation for him.
With little financial knowledge, Ms H was mis-sold a high-risk SIPP and lost access to her £250,000 pension. We are representing her in a major compensation claim against Carey Pensions.
Mr S transferred over £57,000 into a Liberty SIPP that invested in unregulated agricultural land in Australia. Now unable to sell the land, he faces severe losses. We’re pursuing a claim on his behalf.
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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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