If you’re finding yourself more than a little confused about your EOS Solar investment, we can’t exactly blame you – information seems a bit sketchy online and things don’t appear to be following the original plan…
But more importantly, should you have been advised to invest your pension in EOS Solar in the first place?
EOS Solar offered some pretty high-returns if you transferred your pension into a SIPP in order to make the investment. But what many people seem not to have been told, is that you don’t tend to get high-returns without taking on high-risk!
With assets in Cyprus, EOS Solar is NOT under the jurisdiction of the finance bosses at the FCA, which means investors have no protection from the Ombudsman or the Financial Services Compensation scheme for issues relating to the investment, including a lack or returns, a drop in the value of the shares and holdings – basically anything!
If you invested in EOS Solar as part of a SIPP, then you may be able to make a mis-sold SIPP claim for any negligent financial advice your received.Get started now
Several financial advisers and the FSCS have been paying out compensation the mis-selling of EOS Solar and similar 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.
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As we said, information online can be difficult to find, however some updates initially published by The Lifetime SIPP Company (now in insolvency proceedings) shed a little light on activity through to 2017.
August 2015’s update sounded good:
“a number of positive developments have taken place”.
“occupancy levels have been very good and continue to be strong with bookings right up to November”
“The Above means that annual returns will be made in January 2016.”
Feb 2016’s update, less so:
“This last year has been quite a learning curve in regards to the sale of properties in Cyprus”
“No sales have been achieved to date”
“We are disappointed that we cannot be reporting a more positive position with regards to returning investors capital […]”
Jan 2017’s update:
“2016 has been a difficult year in regards to the administration of the security properties and the continuing financial obligation they carry both in terms of actual costs incurred and time required to maintain the properties in good order.”
“With the option of sales pretty much none existent I must consider where this investment goes from here, including liquidation of the company”
For the last few decades, many SIPP pensions have been plagued by high-risk investments that were not suitable for the pension savers.
This is often the fault of financial advisers who gave negligent financial advice in telling their clients to invest, despite the risks presented by investments like EOS Solar which are not regulated by the FCA.
Many financial advisers have since been caught mis-selling, often to large quantities of their clients and have since been put out of business by claims and action by the regulators at the FCA.
If you think you may have gone into a SIPP with high-risk investments, you may be able to claim for compensation, even if it looks like you haven’t lost any money yet.Get started now
Click the button below to see an example of a Get Claims Advice claim over a mis-sold SIPP investmentSee example claim
Described in an FOS decision against a financial adviser, EOS Solar is: “Invested in Solar Thermal power development in Cyprus, to sell electricity at a fixed price over a 25 year period”
However, updates via Glenmuir investments seem to indicate it has more to do with holiday rentals and sales of property.
Either way, EOS Solar investments are not regulated by the Financial Conduct Authority, and are therefore considered to be a high-risk investment.
A common way people find themselves with high-risk investments like EOS solar is after receiving a cold-call and free pension review, resulting in a transfer to a SIPP pension in order to make the investment.
Usually, it is a marketing company that called – something we can’t do anything about as they are not regulated by the FCA.
However, if they referred you to a financial adviser to take advice and they got it wrong, then there could be a claim in it for you.