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Home / Mis-Sold Pensions / SIPP Claims / Financial Advisers and Mis-Selling / CIB Life and Pensions Limited SIPP Claims

CIB Life and Pensions Limited SIPP Claims Guide

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You can do the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

C.I.B Life and Pensions SIPP mis-selling

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 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.

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If you changed your pension with CIB Life and Pensions, you may be able to claim

You can do the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

Can you make a CIB Life and Pensions 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.

If you:

  • Transferred your pension to a SIPP
  • Made high-risk investments
  • Aren’t earning over £100k per year
  • Aren’t a Sophisticated Investor

Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.

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CIB Life and Pensions timeline

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.

Could you be owed compensation for a mis-sold CIB Life and Pensions SIPP?

Find out now with a free call back from one of our specialists

You can do the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

We’ve made successful claims against Cherish Wealth Management before

Here’s a £50k* claim we made for CIB Life and Pensions client

See example claim

Ready to make a claim with Get Claims Advice?

 

Receive a free call-back from a specialist to get started

You can do the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

Related to CIB Life and Pensions


SIPP Claims

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Resort Group

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Harlequin

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CIB Life and Pensions FAQ's

What is The Resort Group?

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.

Who are Wallwood Independent?

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.

Who are First Review Pension Services?

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.

a Sophisticated investor
SOPHISTICATED INVESTOR Do you have a wealth of knowledge and experience in investing?
Compensation
HIGH NET-WORTH 1 Do you earn in excess of £100,000 per annum?
High net worth individual
HIGH NET-WORTH 2 Or do you own £250,000 worth of investable assets?

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Ready to make a claim?

Speak with an adviser to see if you can make a claim on a No Win – No Fee* basis

You can do the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

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