Mis-sold self-invested personal pension
Fastrak Law specialises in representing people who have been mis-sold pensions. Many of our clients were encouraged to move their pension from safe investments into highly speculative and risky Self Invested Personal Pensions (SIPP) schemes.
In some cases, investments have been made into high-risk unregulated schemes, such as foreign property development, green energy or self-storage units. Examples of investments such as these include:-
- Harlequin property investment
- Store Pods
- Sustainable Agroenegy
- Green Oil
- Los Pandos Development
- Global Forestry
- Cape Verde
- Elysian Fuels
- Global Cure Environmental Investment
- Parking investments
An investment that is not regulated by the Financial Conduct Authority is an unregulated investment. Should something go wrong with such an investment, investors are not covered by the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman’s Service (FOS). An estimation of the amount currently invested in unregulated investments is between two to fourteen billion.
In many cases investors were advised to transfer funds from safe, traditional occupational and/or private pensions and into funds in these high risk, speculative SIPP investments, with the advice that they would receive higher returns. However, due to the high risk involved, these investments are usually only suitable for experienced investors; not for the ordinary investor.
The advice given to investors was, in most cases, unsuitable and negligent. This unsuitable financial advice means that in most cases investors have lost thousands of pounds.
How do I know if I have been mis-sold a pension?
A pension may have been mis-sold to you if one or more of the following statements are true of your pension investment:
- The risks involved were not properly explained to you
- Your personal circumstances were not properly considered by your financial advisor
- You were of an age for the investment to be deemed unsuitable for you
- You were not properly advised on how your money would be invested
- You were sold an investment that was riskier than your financial circumstances or attitude to risk required.
I have been mis-sold a pension, what should I do?
Your financial advisor has a duty to check that the proposed investment is sound and that the recommendation to invest is suitable for you. If you believe you have been mis-sold a pension and lost out financially due to advice which was unsuitable, you need to take action quickly. Many of the companies that sold SIPP investments have now gone out of business. This can result in you possibly not recovering all of your money, but you may be able to recover up to £50,000 from the FSCS.
Fastrak Law lawyers will guide you through the process to recover your money and can represent you on a No Win, No Fee basis.
If you believe you have been mis-sold a pension, speak to our expert financial mis-selling solicitor today to find out how we can help you recover your money.