Did you take advice from Cumulus Investment Management Limited to transfer to a SIPP Pension and invest in Ukrainian Property?
If you did, you might find yourself with a story to tell, but first, let us tell you a few other stories about Cumulus Investment Management, straight from the Financial Ombudsman Service themselves, with no less than 10 complaints upheld against Cumulus Investment Management to invest in the Ukrainian Property Fund, including a failure to declare a conflict of interest…
CONFLICT OF INTEREST
FOS Decision DRN9590227 says that:
“The Cumulus Property Fund invested in a limited number of properties. These were all in Eastern Europe. It was an unregulated fund which brought its own risks […] The prospectus sets out that the fund was established with 100 ordinary shares that would be owned evenly between two individuals. Both of these individuals were also directors of Cumulus Investment Management Limited […] Clearly, the directors stood to gain by increasing the value of the fund. So it’s clear Cumulus Investment Management Limited and its directors had a financial interest in the fund and therefore directly benefit from a capital inflow”
Timeline of events: Cumulus Investment Management
2009 - Company Formed
Cumulus Investment Management was formed in October 2009 in Cardiff, with Directors Cefyn John Stephens, and Andrew Lucas.
2017 - FOS Complaints
Feb and March 2017 brought a flurry of claims made against Cumulus Investment Management, many of which were upheld against the firm, forcing it to pay compensation if it could.
2017 - Company Dissolved
June 2017 came around, and Cumulus Investment Management was no more.
We’re specialists at mis-sold SIPP pensions
Start with a free assessment to see if you can claim, then move forward with a No Win – No Fee* claim if you can. Just like this person did…
Ask us any question about your investment and we’ll be in touch at the best time for you – COMPLETELY FREE!
Why can some people claim?
Some SIPPs are mis-sold, others aren’t. Mostly this comes down to suitability of investments.
If you went into the Cumulus Ukrainian property fund, but don’t feel that you fit any of the descriptions below, then you may have a claim!
Do you have a wealth of knowledge and experience in investing?
HIGH NET-WORTH 1
Do you earn in excess of £100,000 per annum?
HIGH NET-WORTH 2
Or do you own £250,000 worth of investable assets?