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A torch shining a blue light

Torch Wealth Management to pay up over SIPP advice


Financial advice firm Economic Financial Solutions IFA, which also went by the name of Torch Wealth Management, is set to pay a client compensation over SIPP pension advice. The Financial Ombudsman Service decided that Mr M’s complaint should be upheld, after he said he had suffered “severe financial losses” as a result of Torch Wealth … Continued

1000 claims against SIPP providers

Financial Ombudsman receives 1,000 complaints against SIPP providers


For some time now, many people have wished to make claims against their SIPP provider because of supposed due diligence and responsibility failings that allowed unsuitable high-risk investments to take place. But such claims have been effectively put on hold for years while the responsibilities of SIPP providers has been debated. A huge part of … Continued

A judges gravel

Berkeley Burke loses SIPP due diligence appeal


SIPP provider Berkeley Burke has lost its Judicial Review case against the Financial Ombudsman’s decision to hold it accountable for a SIPP complaint case. The FOS ruled against Berkeley Burke back in 2014, saying that it failed to do the required due diligence checks over taking on high-risk and unregulated investments onto it’s books. High Risk … Continued

Shuttered doors at Greyfriars asset management

Greyfriars Asset Management SIPP & DFM goes into administration


Greyfriars Asset Management LLP, a firm that dealt with both SIPP pensions and Discretionary Fund Management (DFM), has gone into administration. A note on the official public record (The Gazette) said that Greyfriars have appointed administrators from Smith & Williamson LLP on the 23rd of October 2018. What does “going into administration” mean? Going into administration … Continued

Carey Pensions Claims

Carey Pensions identifies and separates problem SIPPs with letters to clients


SIPP administrator Carey Pensions has written out to some SIPP holders on its books to tell them that thei pension has been identified as “distressed”, and will be transferred to a new pension scheme: CPS2. The new scheme, includes “members with illiquid non-standard assets” – usually high-risk investments. Carey Pensions Writes to Distressed Clients The … Continued

Compensation for mis-sold pensions

FSCS stocks up for mis-sold SIPP claims compensation whirlwind


Time for a SIPP Health Check? The Financial Services Compensation scheme has told Life & Pensions advisers that they are set to pay £87m to help fund the SIPP Claims compensation whirlwind it has to pay out to people who have been mis-sold their SIPP pension investments. Speaking about the increase, the FSCS confirmed they … Continued

Myths about mis-sold SIPPs

4 Big SIPP Claims Myths Busted


If you’re looking at making a SIPP claim, you could be going through an emotional time and some of the SIPP claims myths don’t help – a mix of fear, shock, confusion and anger as you come to terms with the idea that somebody, usually a financial adviser, has put your pension fund at risk, … Continued

Mis-sold pension investment

I’ve lost my pension to a bad investment: Fight or flight? The choice is yours.


Fight or Flight with your mis-sold pension investments Losing your pension through a bad or even fraudulent investment is a terrifying experience, filled with its own special brand of heartache and worry about your future financial position. Worse than that, it happens all the time too! Despite the fantastic efforts of the Financial Conduct Authority … Continued