We represented Mr M.O. who previously had a defined benefit pension with Boots PLC. He was contacted by Avacade Limited who were a telesales company and who were not authorised by the Financial Conduct Authority.
Acting illegally, Avacade Limited advised our client that he should open a SIPP with Liberty SIPP Limited, to transfer his very valuable defined benefit scheme with Boots to the SIPP and thereafter “invest” in Melina trees in Costa Rica, which was an investment offered by Ethical Forestry Limited. That advice was bad.
Avacade Limited, Liberty SIPP Limited and Ethical Forestry Limited all subsequently were placed into administration making our client’s “investment” completely worthless.
We submitted an application on our client’s behalf to the FSCS on 17 February 2021 and received a decision from the FSCS on 1 March 2021. Our client was awarded the sum of £21,057.15.
Accordingly, it took only 11 days from submission of claim to winning an award. Is this a record?