Many people have lost out financially because of mis sold SIPP advice. If you believe you are at the end of a mis sold pension scam, there are steps you can take to try and recover your money and limit any potential losses, even when the case in point is complicated. Take the recent case regarding a client of TenetConnect for example.
The client in question (whose name has been withheld) believes he was given poor advice by one of Tenet’s appointed representatives. It is reported that the client was originally introduced to an appointed representative through a loan company. The loan company, in this case, was due to lend Tentet’s client some money with which to purchase a number of unlisted securities.
Lack of due diligence results in mis sold SIPP
It was alleged that the appointed representative had told the client to change his personal pension into a SIPP through SVS Securities. SVS recently went into administration shortly after the Financial Conduct Authority had carried out emergency supervisory work on the company alongside two others – Guardia and Titanium International.
In July of this year, the financial ombudsman concluded that SVS was no longer viable and as a result, the value of the other two dropped significantly.
We know nothing
When Tenet’s client complained to them regarding the appointed advisor, who, he maintains mis sold the SIPP, he was told that the network of companies knew nothing about any advice given by its agent. The client was however adamant that he was not only on the end of a mis sold SIPP, but that the agent had not done appropriate due diligence, resulting in him buying far too many shares (£20, 321 worth) in ailing companies.
For their part, Tenet said there was no record of any paperwork concerning regulated financial advice and that they did not receive any commission. With regard to the SVS SIPP and the unlisted securities, they maintained that they and their representatives could only give advice regarding approved products.
The ombudsman was not fooled
The ombudsman found in the client’s favour. Their ruling said that despite their objections, Tenet was indeed responsible for the misleading advice delivered by their agent. The closing statement that no shares could have been bought if the pension switch had not been advised, sums it all up.
This case is quite typical when it comes to the complexities of many mis sold SIPP transactions. However, it is also a good indication that with the right representation, these complications can be resolved favourably for those who have suffered this type of fraud.
Talk to Pension Justice today
Pension switching of this nature is quite common. If your mis sold SIPP case is far from straight forward, fear not. Get in touch with Pension Justice today on 0800 014 8275 for an initial chat. We will not only help to identify if you have received mis sold SIPP advice, but we will also do all in our power to seek appropriate redress on your part.