FTAdviser has reported how at least 5 investors in high-risk Cape Verde hotel investment, The Resort Group, fear for their SIPP pensions as the returns they are receiving are being out-stripped by the fees paid to their SIPP provider. As discussed in the article, some marketing brochures advertising Resort Group investments mentioned returns as high…
The Special Administrators for Strand Capital (now in special administration) could soon be heading the courtroom over “missing” £550,000 bond coupons. Problems at Strand Capital Strand Capital entered insolvency proceedings back in 2017, with 3000 clients and supposedly over £100,000,000 assets under management. According to New Model Adviser, the Administrators have faced obstacles with their…
2 GFI directors disqualified for 10 years No evidence of returns for investors Directors paid themselves £13million Investors in Global Forestry Investments – the Brazilian teak investment that took around £24 million for the “Belem Sky” and “Para Sky” plantations might like to know what’s happened to their returns. While the money ended up often…
Some former clients of collapsed fund manager Strand Capital may soon start to receive compensation for any losses through the Financial Services Compensation Scheme. Strand Capital (which is now insolvent since May 2017) made investments on its clients’ behalf, and it is estimated that around 3000 clients have had their investments and pensions effected in…
Echoes of 2017’s British Steel Pension Scammers An article in FTAdviser has told how pension scammers may already be “circling” the 28,0000 Carillion pension scheme members following the collapse of the business group this week in order to get a slice of the potential pension pie. Carillion, which has run a Defined Benefit pension scheme for some…
The saga seems far from over… Bartholomew Hawkins Stops Pension Transfers 21 firms ignore FCA training request Concerns surrounding the practices of some Financial Advisers about the transfer of British Steel Pensions into alternative, private schemes appear to be just as prevalent in the new year, as another IFA agrees to stop conducting transfers and…
Members of Parliament have called on the government to bring in the proposed cold-calling ban as urgently as possible, with the hopes of “bolting” the new laws on to the upcoming “Financial Guidance and Claims Bill”. The Works and Pensions committee has been collecting evidence about pension transfers for some time, in an effort to…
Request for information reveals that the FCA dished out 25 “Section 166” reviews in 2016 FCA tells firms to “ramp up” due diligence on their Appointed Representatives What these actions mean for customers A Freedom of Information Request to the Financial Conduct Authority has revealed that the regulator issued 25 “Section 166” reviews against financial…
The life-boat scheme will now pay out in cases of negligent advice by Bank House Bank House Investment Management, an IFA based in Cheltenham has now been declared in default by the FSCS, meaning that the compensation scheme is now satisfied that the firm can no longer pay out for successful claims against it for…
With even more pension transfers to SIPPs under scrutiny, and even more cases of pension mis-selling set to be received by the Financial Ombudsman in 2017/18, we challenge those who transferred into a SIPP to ask themselves an important, retirement-saving question: How safe is your SIPP pension? Following the success of ITV Tonight’s How Safe…