CIB Life and Pensions SIPP Claims

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CIB LIFE AND PENSIONS & SIPP CLAIMS

It wasn’t a surprise to us when we saw CIB Life & Pensions appear in The Gazette as it went into liquidation on the 20th May 2015, shortly after being “caught out” regarding SIPP suitability rules.

Long-story-short, The Financial Ombudsman found CIB Life & Pensions at fault when they sold unregulated, HIGH RISK investments (in this case, Harlequin properties) to people who were unsuitable, putting their pension at high risk.

But Harlequin properties wasn’t the only high-risk overseas property investment CIB Life & Pensions pedalled to those they shouldn’t have; if you took advice from CIB Life & Pensions (and especially if you were advised to put your money into overseas resorts) then it might be time to get an important second opinion on that advice to see if you are eligible to make a claim, re-balancing the potential loss and risk exposure of your pension.

CIB Life and Pensions probably dealt with many different things, but one thing they sure did a lot of was advice on high-risk and non-FCA regulated investment, The Resort Group in Cape Verde

The Resort Group is supposed to be building and operating a range of hotels in Cape Verde such as Dunas and Llana Beach, but some investors have reported patchy results.

As a non-standard investment, The Resort Group should have only been marketed to certain people, and we’ve been winning claims for those who were mis-sold for the last few years.

Timeline of events: C.I.B Life and Pensions

1987 - CIB is born

CIB’s formation pre-dates most of the companies we deal with for negligent advice, but it doesn’t change what happened.

2014 - Ombudsman

In July 2014, C.I.B pensions were taken to task by the Financial Ombudsman service for mis-selling back in 2012.

A Mr G complained about them transferring his pension into a SIPP after a cold-call from a marketing company, and investing his money into an overseas property scheme.

The transfer was deemed to be unsuitable and CIB was told to pay compensation.

2015 - More Complaints

By the end of 2015, the FOS has upheld no less than 8 complaints against CIB’s SIPP pension advice, including investments like Cape Verde, Harlequin and Green Oil.

2015 - Liquidation

CIB Life and Pensions went into a Creditor’s Voluntary Liquidation on the 14 May 2015, leaving the FSCS to pay any outstanding compensation claims made afterwards.

Did you know, we’ve made successful claims CIB Life and Pensions before?

CIB Life and pensions is a familiar name for the team of claims specialists at Get Claims Advice, having dealt with the aftermath of their advice regarding SIPP and SSAS pensions.

Ready to make a claim?

Think you’ve been mis-sold your investment? Click below to take the first step to making a claim

Have a question about CIB SIPP pensions?

Ask us any question about your investment and we’ll be in touch at the best time for you – COMPLETELY FREE!

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What is so bad about high-risk investments?

High-risk stuff like The Resort Group and Harlequin is arguably fine, if you fit the descriptions below.
If not, but you invested anyway, then you may have been mis-sold, and can talk to Get Claims Advice to see if you can make a No Win – No Fee* claim.

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    SOPHISTICATED INVESTOR

    Do you have a wealth of knowledge and experience in investing?

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    HIGH NET-WORTH 1

    Do you earn in excess of £100,000 per annum?

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    HIGH NET-WORTH 2

    Or do you own £250,000 worth of investable assets?

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