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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 for a mis-sold pension, 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.Get started now
If you changed your pension with CIB Life and Pensions, you may be able to claim
The FSCS have been paying out compensation for CIB Life and Pensions’ mis-selling investments via SIPPs and SSASs for a few years, with Get Claims Advice often leading the claim on a No Win – No Fee* basis.
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.Speak with an expert
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.
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.
Find out now with a free call back from one of our specialists
Here’s a £50k* claim we made for CIB Life and Pensions clientSee example claim
The Resort Group is a high-risk overseas property investment, registered in Gibraltar and floated on the Mauritius Stock Exchange, with the hotels located in Cape Verde.
It was often not a suitable investment for non-sophisticated investors and was widely mis-sold through SIPPs by a number of IFAs including CIB Life and Pensions.
Wallwood Independent was an appointed representative for CIB Life and Pensions, which means they may have given advice on CIB’s behalf. Claims against Wallwood Independent for negligent financial advice would go against the Principal firm at the time.
First Review Pension Services was described as part of the Resort Group’s “Sales and Marketing Arm”, and made numerous marketing comminications to prospective investors to introduce them to a Resort Group investment. They are now closed.
Some people who invested in the Resort Group appear to have received advice via CIB Life and Pensions.
Speak with an adviser to see if you can make a claim on a No Win – No Fee* basis