SIPPS

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SIPPs

SIPPs is an acronym for Self-Invested Personal Pensions.

SIPPs are pension plans that enable the holder to choose and manage the investments made from the SIPP. Often people transfer their private or occupational pension scheme into a SIPP in an attempt to try and gain a better return on their investment.

Unfortunately, some SIPPs have been subject to alleged negligence and misuse by either the SIPP trustees and/or a regulated adviser or Independent Financial Adviser (IFA) and/or a Discretionary Fund Manager (DFM).

Since 2009 a number of investment schemes that relied upon SIPP-funded investments have failed or struggled resulting in investors suffering losses.

Investors who have or are worried about suffering loss should make a claim as a matter of urgency as there are two-time limits in place:

  • 6 year transactional limitation period – as many SIPPs were created between 2011 and 2013 claims need to be placed before they fall out of time on the 6-year rule.
  • 3-year date of knowledge period – based on when you knew that you had suffered a loss. This is highly contentious and is an area often used as an argument to defend a claim e.g. the defence is that you are “out of time” to bring a claim as you were aware the loss had been suffered more than 3 years ago.

There are currently a number of actions going via the Courts for two main allegations against SIPP Administrators. There have also been successful claims against IFA’s in respect of the advice given to transfer their pension into a SIPP and consequently invest in mainly unregulated collective investment schemes (UCIS).

You can make a claim directly to the parties to blame, via various Ombudsman if necessary, or we can recommend solicitors who specialise in SIPPs and will be able to advise and guide you on your options.

My Legal Club has a strict code of standards for customer care and support and all solicitors recommended have agreed to abide by this code of standards.

Failed SIPPS

Examples of Sipps which have failed and the FSCS (Financial Services Compensation Scheme) are receiving claims for include (but are not limited to):

  • Berkeley Burke SIPP Administration Ltd
  • Liberty SIPP Limited t/a Liberty Pensions
  • Pointon York
  • GPC SIPP
  • Brooklands Trustees
  • Stadia Trustees
  • Montpelier Pension Administration Services

If you have suffered at the hands of a SIPP, whether listed above or not, you can request a FREE consultation here with one of our experts.

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Anytime you, your family, or your business require legal support get in touch with us for FREE legal advice and no-obligation quotes from cherry-picked solicitors.

SIPPS | Specialist Solicitors

Many solicitors are advertising for financial mis-selling work. With reforms in personal injury claims by the government over the last decade, and many more reforms to come in 2020, many solicitors are turning to new areas of claim.

This does not necessarily mean they have experience in the areas of claim they are now pursuing.

We launched a twitter poll asking participants what their biggest consideration was when selecting a solicitor. Over 90% of participants in the poll voted in favour of a recommendation / recommended solicitor being the most important consideration.

We have been asked for quotes in the press on financial mis-selling matters, as with the administration of Berkeley Burke in an article written by Michael Klimes of Money Marketing you can access here.

We have cherry picked highly recommended specialist solicitors in every area of law and secured unique savings against legal fees for our members.

Our panel solicitors are expert, experienced, recommended specialists in financial mis-selling.

Our panel solicitors are committed to keeping to agreements, ensuring delays are kept to a minimum, and maintaining strong lines of communication.

 

Examples Of SIPP Claims

Investors are currently pursuing claims against either IFA’s, SIPP’s and on occasion both the IFA and the SIPP.

Claims against IFA’s focus upon the suitability of the advice provided by the IFA. There are extensive rules any IFA must comply with when advising on a pension transfer.

Claims against SIPP’s focus on two key areas.

Firstly, the due diligence the SIPP performed in respect of the investments available in the SIPP amongst many other duties and obligations.

Secondly, the use of non-regulated introducers when securing new clients. Examples of this include cold-calling and free pension review surveys.

Often investment losses are due to:

  • poor or misleading advice
  • negligent management of investments
  • fraud or misrepresentation
  • high percentage, or all, of the capital available invested in one high risk scheme

Examples of investments which have often led to claims being made include:

  • off plan properties
  • store pods
  • land
  • forests
  • farmland

How We Can Help

Get in touch for a FREE and no-obligation consultation here

We have cherry picked highly recommended specialist solicitors in every area of law and secured unique savings against legal fees.

Our panel solicitors are expert, experienced, recommended specialists in this area.

Our panel solicitors are committed to keeping to agreements, ensuring delays are kept to a minimum, and maintaining strong lines of communication.

 

Examples Of Failed Investments

The most common financial mis-selling scandals in the past decade relate to capital being raised via a remortgage, or pension transfer in to a SIPP, which is then invested in one investment (usually abroad).

Some examples of failed investments, and firms placed in default by the FSCS, include:

  • Harlequin Properties
  • Ocean View Properties
  • Polaris
  • Brooklands Trust
  • Green Oil Plantations
  • Sustainable AgroEnergy
  • Global Forestry Investments
  • Investments linked to GPC SIPP Ltd
  • Investments linked to Omega Financial Services
  • Luddington Broze Limited
  • Leech & Burgess IFA
  • Westbury Capital Partners
  • Breterac Limited

If your investment is giving you grounds for concern, not meeting returns and/or is failing to communicate with you we would recommend seeking legal advice as soon as possible.

Time-limits

Claims can be time-barred if you do not bring them in time.

This is why it is such a complex and crucial consideration in any claim.

It is important to note that if you pursue a claim via the Financial Ombudsman (FOS) you will not “stop the clock” in respect of time-limits in respect of any future action you wish to pursue via the courts.

e.g. if you do not succeed in a claim against the FOS and want to pursue a claim in the Courts then you may be time-barred from claiming as a result of not protecting your limitation period for a court action.

We would recommend securing legal advice as soon as possible prior to deciding how you want to make any financial claim.

This also provides you with the best chance of ensuring your claim is within the time limits which apply.

This can be a very complex area but generally 3 time-limits apply:

  • The 6-year rule
  • The 3-year rule
  • The 15-year rule

The 6-year rule generally means 6 years from the advice/action you are complaining about. e.g. 6 years from the date of the advice from an IFA, or 6 years from signing a pension transfer form, or 6 years from signing a loan agreement.

If your claim is more than 6 years ago you can still rely upon the 3-year rule. The 3-year rule is often debated and disputed between the parties. The 3-year rule refers to 3 years from the date you first became aware (or should have become aware) of the problem which you are complaining about.

As an example, you may have a complaint regarding a matter which took place 10 years ago (over 6 years) but where the loss only became apparent within the last 2 years.

This is an example of where the 3-year rule would apply.

The 15-year rule means actions alleging negligence must be made within a maximum period 15 years from the negligent act or omission.

There can be exceptions as the FCA have stated they may allow certain cases to be handled outside of the 15-year time limit. The Financial Services Compensation Scheme (FSCS) have stated that time-limits can be disregarded when it is appropriate to do so.

 

Selecting The Correct Party To Blame

It is vital you select the correct people to blame for your loss. We would reference these parties as defendants.

Each time-limit applies to each defendant and they are under no obligation to point you in the right direction.

As an example, you may complain to the lender when in fact the IFA is to blame, or vice versa. We have seen cases where there are multiple parties to investigate, such as, an investment company, a SIPP, an IFA, and a conveyancing solicitor.

If you are inside the 6 year rule a sensible suggestion is to agree standstill agreements with each potential party involved to protect the 6-year time-limit.

A standstill agreement would need to be drafted by a solicitor and would provide you with the benefit of being able to pursue one party and potentially return to another party later without time-barring occurring. (subject to the terms of the standstill agreement of course)

 

How To Start A Claim

You can start a claim via either:

  • Making a formal complaint to the party/parties you hold responsible
  • Instructing a solicitor to send a letter of complaint
  • Sending a letter of claim, suggesting mediation, and if necessary issuing court proceedings.

Where a party regulated by the FCA rejects your complaint, and the matter to which you are complaining is covered by an ombudsman, you can pursue the complaint via the ombudsman yourself if you wish.

You can also instruct a solicitor to send the formal complaint and they will then represent you with any relevant ombudsman.

Another option is to instruct a solicitor who may decide the best course of action is to send a formal letter of claim, rather than proceed with a process going via an ombudsman, and to pursue a mediation and court proceedings if necessary.

The decision comes down to what type of matter the claim relates to and how you feel about the various options.

There are lots of positives and negatives to each course of action.

 

FCA Compliance

In any area of financial mis-selling (not limited to but including pay day loans, SIPP’s, investment loss, mortgage breach, Consumer Credit Act) you are able to claim, without any fee being charged, against the regulated party directly AND if necessary via the appropriate Statutory Ombudsman or Statutory Compensation Scheme, e.g. The Financial Ombudsman Service (FOS) and where appropriate The Pension Ombudsman and/or the Financial Services Compensation Scheme (FSCS).

There is no reason why you would achieve a different/better result by instructing a solicitor or claims management company.  If you choose to instruct us to assist you with a financial mis-selling claim you confirm that you accept and understand the above.

More information on no win no fee claims can be found here.

We're here & happy to help

Below you will find some of our most commonly asked questions. Simply click or tap the question to view the answer. For anything else you can contact one of the team by emailing info@mylegalclub.co.uk.

What does My Legal Club do?

We are a one-stop-shop for all areas of law for you, your family, and your business.

My Legal Club was founded by an experienced solicitor so you can be certain we have cherry-picked the most highly recommended solicitors to help you. Our panel solicitors have the experience and expertise to help whenever you need legal advice and support. They have agreed to the highest standards of customer care and support ensuring My Legal Club clients receive the very highest standards of service.

If you need legal advice or support we can help you!

Why should I instruct a solicitor via My Legal Club?

On 8th March 2019 we launched a twitter poll asking participants what their biggest consideration was when selecting a solicitor. Over 90% of participants in the poll voted in favour of a recommendation / recommended solicitor.

Who is qualified to recommend a solicitor firm? How do you know they have the expertise and ability to provide you with the best service possible at a great price?

The Management team at My Legal Club works within the legal services industry. We have cherry-picked the law firms across the country that we feel provide the levels of service that we would want if we needed help in that area.

My Legal Club ensures that the law firms have the correct accreditation’s and insurance in place to ensure your case is secure in their hands.

My Legal Club has a strict level service agreement and standards of customer service that must be upheld by their panel firms to ensure that their standards remain as high as possible and you receive the level of care and support you deserve.

All our member firms are solicitors of England and Wales and authorised and regulated by the Solicitors Regulation Authority. The Authority’s rules can be accessed via their website.

Any solicitor we refer you to is an independent professional, from whom you will receive impartial and confidential advice. You are free to choose another solicitor if you so choose but we would, of course, welcome feedback as to why.

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No. My Legal Club is not a solicitors practice. We are regulated as a claims management company and we are authorised by the Financial Conduct Authority (FCA). Full details are contained within our footer.

Does using My Legal Club cost me anything?

If you contact us wanting assistance with a legal query via our panel solicitors then My Legal Club does not take any money from you. We put you in touch with our highly recommended solicitors. When you speak with the solicitor they will then explain what they can, or can't, do to help and quote for any work you want them to perform.

 

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My Legal Club handles your data and your inquiry with extreme sensitivity. All the panel member law firms are required to ensure confidentiality and respect your privacy. Further information is located on our site regarding privacy and your data.

Your inquiry will be forwarded to the appropriate solicitor with the request to contact you via your preferred method of contact at your preferred date and time.

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If you have a complaint, please review our complaints procedure which is located under the title “Complaints Procedure” within the footer of this website and within our Terms of Use. You can also contact us at info@mylegalclub.co.uk.

If the Complaint is in respect of any additional benefit with a third-party company we will forward your email to our commercial partner who operates the scheme and they will handle your complaint in accordance with the terms and conditions you agreed to when you first use their site. It is then for them to liaise with you directly in respect of your complaint or query.

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Yes. This is included below and within our Terms of Use.

We aim to identify those clients who may be at risk of being vulnerable by virtue of their age, disability or circumstance. This Policy is written as our commitment to such clients.

  • It is important to us that we are able to identify clients who may be vulnerable and we are committed to training all our team to identify key indicators such as age, disability or clients who find themselves in a particularly stressful situation where their judgment may be impaired or they may be vulnerable to influence or exploitation.
  • We aim to treat older clients, their families, and representatives, with additional consideration, by being both sympathetic and sensitive to any issues they may have. We also aim to ensure that our team also treats such clients with dignity, kindness, and respect at all times.
  • Where a client prefers to communicate with us with another person present (via email as an example), we will strive to facilitate this request subject to GDPR compliance e.g. that person specifying in writing whom we should be liaising with. We will require that person’s full name and relationship to the client, and where such a person is an Attorney or Court of Protection Deputy we will ask to see evidence of this. However, we will always strive to ensure that our client understands and feels at ease if they are alone with us.
  • Where English is not the first language of our client or has difficulty hearing or with sight, we suggest that an appropriate independent interpreter assists, or a person that our client trusts to help the client understand what is being discussed. We will be mindful of any other limitations such as mobility or capacity and provide every support to enable our client to communicate and feel comfortable in providing their instructions. We can provide large print, Braille or sign writing facilities as necessary.
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  • We are obliged to verify the identification of all our clients but are mindful that some of our older clients do not have valid passports or driving licenses and will adapt our procedures to accommodate such clients when necessary provided that this does not compromise our own money laundering requirements. The ID will be required for any solicitor, Deputy or other agents for our client.
  • We are aware that many of our older clients are computer literate and will feel comfortable communicating via email, but we will never insist on this form of communication and will make our older clients feel at ease by sending letters by post if this is preferred and we are happy to send duplicate correspondence to a family or trusted support provided that such authority is provided by the client.
  • We will always act in the client’s best interests and where we have concerns as to vulnerability, capacity, coercion or undue influence we will do our best to seek our client’s permission to refer him/her if necessary for a further professional opinion.

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