SIPP Claims
Mis-sold Self Invested Pension Plans -(SIPP)
Unfortunately for many customers their first example of a mis-sold self invested pension plan was the Harlequin property investments.
As part of the scheme approximately 6000 people were advised to invest in properties to be built in the Caribbean and other exotic locations which would then go on to be sold at a profit or rented out thereby providing an additional income to its investors.
Unfortunately of the thousands of properties that were pledged to be built only a few hundred were actually built. Harlequin subsequently entered into administration as did two of the main financial advice companies that advised people to invest in the highly risky unregulated investment.
A lot of people lost a lot of money and the Financial Ombudsman Service has written down the value of the Harlequin investments to nil. Consequently it is generally accepted that for many pension investors that part of the Self Invested Payment Plan is now worth nothing.
If you invested with Harlequin or a similar schemes we can help you recover compensation through the Financial Services Compensation Scheme.
Harlequin is just one example of a number of Self Invested Payment Plans that are now worthless.
Investing in a Self Invested Payment Plan can turn out to be a highly risky business and it is imperative that the advice that is given is impartial and properly explained.
Some advisers are all too quick to mention the benefits of a plan without mentioning the downsides. The age-old adage of "if it sounds too good to be true it probably is ..". applies particularly with unregulated investment products.
If you have lost money as a result of a Self Invested Payment Plan or you have seen the value of your pension reduced as a result of such an investment you may have been mis-sold. We can find out whether you have been mis-sold and also assist you with pursuing a claim for compensation.
There is no shame in being mis-sold because a lot of the advisers are smooth talking seasoned professionals who could quite literally sell ice cream to Eskimos. In the absence of regulation the unsuspecting member of the public stands little chance against such seasoned and well choreographed sales pitches.
As a result on many occasions it is only after things have gone sour that it becomes clear that the investment was one that should never have been entered into in the first place.
The fact that so many people have been ill advised points to a systematic mis-selling which would have only become bolder and stronger as time went on. Nonetheless all is not lost there are appropriate avenues of redress and the Financial Services Compensation Scheme has paid out millions of pounds in compensation in cases where there has been bad investment advice and where the adviser that gave the advice is no longer in business or is still in business but is unable to pay the compensation due to its customers.
If you have questions regarding whether or not it was mis-sold please feel free to give us a call or complete our simple form and we will contact you.
We apply forward-thinking ideas and solutions to the most challenging legal issues you face, and approach each case with passion and commitment. From the first steps of the claims process and right through to the end, we’ll handle everything you need to give your case the best chance of success. We know how complicated investment claims can be and will be with you every step of the way.
