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The SIPP provider at the centre of a high-profile court battle, Berkeley Burke has now fallen into administration, with the SIPP arm sold-off to Hartley Pensions.
Many people were advised (either by a regulated Independent Financial Adviser, or by an unregulated introducer) to transfer their pension into a SIPP: A Self Invested Personal Pension with Berkley Burke.
Like all SIPPs, Berkley Burke SIPPs can hold a wide range of investments, including HIGH-RISK and UNREGULATED investments, which should only be sold to people who either earn enough money to run those risks (Over £100k per year) or people with “Sophisticated Investor” status.
But when people who aren’t High-Net Worth Individuals, or Sophisticated Investors end up in Berkley Burke SIPPs with high-risk investments, it can spell disaster, often leading to pension funds losing tens-of-thousands and devastated retirement plan.
In 2014, the Financial Ombudsman Service found Berkeley Burke had failed to perform sufficient due-diligence in allowing a client to invest in a high-risk investment: Sustainable AgroEnergy.
Berkeley Burke tried to appeal the decision through a Judicial Review, but lost the case on the 30th October 2018, meaning that it may be held accountable if found to have failed with due diligence in other unsuitable SIPP cases.
Now, Berkeley Burke is in administration (a type of insolvency proceeding), and it is known that many people had their pension money placed into investments that have now become illiquid and may be lost.
If you’re invested with Berkeley Burke, then you may be able to make a claim for a mis-sold SIPP.Get started now
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