Self-Invested Personal Pension Plan (SIPP) Mis-sellingDid your SIPP invest into unusual investment schemes?
Self-Invested Personal Pension Plan (SIPP) Mis-selling
SIPPs have become very popular in the past decade as they enable consumers to choose how their pension pot is invested, rather than being limited to an insurance company’s limited range. There are thousands of investment funds available in the UK and a SIPP will usually give you access to most of them.
This can be very beneficial for some consumers with investment knowledge. Unfortunately though, some unethical financial advisers used the opportunity to invest their clients’ money into high risk and often totally unsuitable investment schemes.
Why were some advisers doing this? They often received very high amounts of commission and some in cases, they actually controlled the investment vehicle itself. For example, there are instances of advisers having a stake in property development companies and using their clients’ SIPP pension pots to finance apartment buidlings; hotels; car parks etc.
Sadly, very many people have reached retirement and found their pension pot had vanished into one of these developments and seemed lost forever.
Did your SIPP invest into unusual investment schemes?
A lot of different types of unusual investment schemes were promoted to SIPP holders. Here are just some:
- Storage Units
- Overseas apartment blocks
- Unregulated investment schemes
- Unregulated property funds
- Car parks
- Unquoted shares
- Foreign Exchange trading
This list is not exhaustive but shows how wide-ranging the problem is.
Have you been a victim of mis-selling?
Being advised to invest in some of these schemes represents automatic mis-selling as they were not approved by the UK Regulator.
For others, even if the investment schemes were regulated, it may not have been suitable for the person advised to invest their SIPP monies into it.
A SIPP may have been mis-sold to you because:
- The risks of the investment were not set out for you.
- Your wider financial and family circumstances were not taken into account.
- You did not understand how the investment scheme worked
- You were not given alternatives so you could make an informed choice.
- You felt pressured to invest.
- You have lost money on the investment and there is seemingly no way to recover it
How to put matters right
If you have any concerns about how your SIPP was invested, then do please get in touch to discuss your situation.
It may be possible to recover any money you have lost and get your pension back on track.
There are no upfront fees at all and you will only pay a fee if you are awarded mis-selling compensation.
Simply complete the Contact Form below or visit the contact page.
SIPP Mis-selling Checklist
Contact Greg Vaughan Financial Services