Mendelsons solicitors specialise in acting for clients who have been mis-sold pension investments and lost all their money. Most of the clients we act for have been cold called and persuaded to move their pension from a safe investment into a high-risk venture without the risks properly being explained.
Their pension money is moved into a SIPP which is a Self Invested Personal Pension and then ‘invested’ into a product that fails, making the investment worthless. The mis-selling arises because the investor was given unsuitable advice, the risks were not explained and the product was not right for the investor.
In recent years many investors have transferred their pension funds into unsuitable SIPPs or a Qualified Recognised Overseas Pension Scheme (‘QROPS’) and into high-risk unregulated funds.
Most of those funds were invested into high-risk, complex and illiquid investments that were totally inappropriate and unsuitable resulting in the investment failing and being rendered worthless.
We can investigate whether your SIPP or QROPS was mis-sold and if so we can act on your behalf in making a claim for compensation.
For the mis-selling to have taken place you would have moved your pension fund into a SIPP or QROPS and a regulated business such as an IFA (Independent Financial Adviser) or SIPP company would have been involved in the process.
Fortunately, they are regulated by the FCA (Financial Conduct Authority) which obliges them to have professional indemnity insurance which will payout in the event that the claim is successfully made.
Whilst many of the companies that sold SIPPs are no longer trading it is still possible to make a claim for compensation via the Financial Services Compensation Scheme up to a maximum limit of £50,000.