27/04/2021
Claims from victims of mis-sold SIPP plans are forecast to rise by 89% to an eye-watering £336million in 2021. The Financial Services Compensation Scheme (FSCS) has raised its total compensation budget from £700m in 2020 to over £1bn in 2021, with over a third of claims stemming from mis-sold SIPPs alone. Feeling the pandemic … Continued
24/11/2020
Kingsway Wealth Management Kingsway Wealth Management is facing a rising number of pension-switching claims since defaulting with the lifeboat scheme earlier this year. The failed IFA has seen a steep rise in compensation claims since May, with a total of £1,729,085 paid on 35 claims so far according to the Financial Times. Kingsway became … Continued
17/04/2019
The FCA has warned that it has seen an increase in scams ran through discretionary fund managers – often a part of SIPP pensions. DFMs are portfolios of investment bonds The bonds are chosen and managed Portfolios are often rated by risk Many DFMs may involve scams Did you move your pension to a SIPP … Continued
11/03/2019
Financial advice firm Economic Financial Solutions IFA, which also went by the name of Torch Wealth Management, is set to pay a client compensation over SIPP pension advice. The Financial Ombudsman Service decided that Mr M’s complaint should be upheld, after he said he had suffered “severe financial losses” as a result of Torch Wealth … Continued
16/01/2019
SIPP pension provider Liberty SIPP is again ‘under fire’ over its links to high-risk and unregulated investments. Some SIPP companies allowed investments in alternative schemes, often based abroad and not regulated by the watchdogs at the FCA, including Liberty SIPP. Often linked to the Ethical Forestry situation, in which the Costa Rican forestry scheme entered … Continued
10/12/2018
Lighthouse Advisory Services – a principal IFA that has operated with several Appointed Representatives, has been told to pay compensation to a client by the Financial Ombudsman, because it refused to sign paperwork declaring that it gave financial advice. In a recently published financial ombudsman case, Mr B was given advise to transfer his two … Continued
29/11/2018
The collapse of 3 SIPP pension providers, Brooklands Trustees, Montpelier Pension Administration Services and Stadia Trustees, has so far cost the FSCS £17 million in compensation. Because the three firms stopped trading and disintegrated, it meant that the FSCS had to step in, declaring the firms in default, which meant that it would consider paying … Continued
28/11/2018
The Financial Services Compensation Scheme is forecasting an extra £69 million levy to pay for pension mis-selling compensation, as claims about SIPP pensions and final salary pension transfers appear to rise. As the ‘lifeboat’ scheme for the financial services sector, the FSCS is often responsible for paying claims when companies can’t either because they cannot … Continued
15/11/2018
The Financial Services Compensation Scheme, which acts as a lifeboat to pay claims when firms cannot, has received over 1,400 mis-selling claims relating to the Beaufort Securities scandal. Beaufort, which entered into administration back in March shortly after it was revealed that parties relating to Beaufort were caught up in an FBI sting, provided discretionary … Continued
08/11/2018
Speaking at an event, solicitor Philippa Hann told SIPP providers that it was time to “take responsibility” as SIPP pensions were “not simply a bucket into which a pile of cr*p can be poured”. In recent years, some SIPP providers have allowed thousands of people to invest in high-risk and unregulated investments – everything from … Continued
