Pension Compensation Success Stories

Mrs E.M.

We acted for the above named client. Her late husband was contacted by Daniel O’Rourke of Precise Advice Partnership LLP (FCA authorisation number 531998). Her late husband had a personal pension plan with Friends Life. Daniel O’Rourke advised our client’s late husband to open a SIPP with Berkeley Burke SIPP, to transfer all his pension from Friends Life and to purchase storage pods.

A SIPP was duly opened on behalf of the client’s late husband by Daniel O’Rourke who arranged for the pension with Friends Life of £76,529.73 to be transferred into the SIPP with Berkeley Burke. Thereafter Daniel O’Rourke paid his company £3,061.19 in commission and arranged for the sum of £69,000.00 to be “invested” in storage pods.

Following the setting up of the SIPP our client’s late husband sadly passed away leaving our client to inherit a pension fund that was practically worthless.

We were able to win compensation for our client of £50,000.00.

 

Mr J.H.

We acted for the above named client who was 48 at the time of the pension mis-selling. He was contacted by Dean Smith from My IFA Friend (FCA authorisation number 543415).

Our client had a pension with Royal London. Dean Smith advised our client to open a SIPP with the Lifetime SIPP Company, to transfer his pension from Royal London and to “invest” in Dolphin (now known as The German Property Group).

Dean Smith arranged for the SIPP to be opened on behalf of our client and facilitated a transfer from Royal London to the Lifetime SIPP Company of £52,475.30. From this sum Dean Smith paid his company £1,500.00 in commission and thereafter he arranged for the sum of £48,000.00 to be sent to Dolphin. The Dolphin “investment” took the form of loan notes.

The Dolphin “investment” completely failed and liquidators have now been appointed.

We secured compensation for our client of £50,000.00.

 

Mrs P.M.

We represented the above named client in connection with a claim for compensation for pension mis-selling relating to her late brother.

Our client’s late brother had a pension with Clerical Medical. He was contacted by Real SIPP LLP/CIB Life & Pensions Limited (FCA authorisation numbers 521690 and 133698).

Our client’s late brother was advised to open a SIPP with London & Colonial, to transfer his personal pension from Clerical Medical and to thereafter “invest” in a fractional ownership property through The Resort Group in Cape Verde.

On 15 March 2011 the sum of £34,075.20 was transferred from the pension with Clerical Medical to the SIPP with London & Colonial. Thereafter the financial advisors paid themselves £650.00 commission and arranged for the sum of £21,615.91 to be sent to The Resort Group in Gibraltar in consideration of the purchase of a fractional ownership property.

Thereafter sadly our client’s brother died and our client was left to pick up the pieces.

We assisted our client in applying for Letters of Administration and commenced a claim for compensation on her behalf as the administratrix of the estate of her late brother.

We are pleased to say that our client was awarded the sum of £47,091.67.

 

Mr R.D.

When this client consulted us he was being advised by a Claims Management Company (not a Solicitor) who had made a claim to the FSCS on his behalf. They were unable to forward to us any papers because they said that they were lost. The FSCS subsequently rejected the claim that had been made by the Claims Management Company.

We therefore had to start from scratch. After we had secured all of the paperwork it was apparent that the position was as follows:

Our client had 3 pensions, namely Scottish Widows, Aviva and Friends Life (now Aviva) with a combined transfer value of £65,382.91. He was contacted by JNF Capital Limited (FCA authorisation number 442252).

JNF Capital Limited advised our client to open a SIPP with Hartley Pensions, thereafter to transfer his 3 pensions to the SIPP and to open a trading account with City Index. The SIPP was opened and the transfers took place.

On 10 June 2016 £61,880.54 was transferred from our client’s SIPP to a newly opened trading account with City Index to trade on spread bets. Thereafter instructions were given by JNF Capital Limited to City Index to place the spread bets. This resulted in a significant loss. Our client recognised that the account was losing money and asked for the net value on the spread bet account to be returned to his SIPP cash account. On 18 December 2017 the sum of £34,059.75 was returned to the SIPP cash account. Thereafter our client moved his pension away from Hartley to a new pension provider.

We were then instructed to claim compensation and we are pleased to say that our client was awarded £38,275.79.

 

Ms J.D.

This secretary was 49 at the time that she was mis-sold. She already had a personal pension with Legal & General which had a significant transfer value.

She received a cold call from a telemarketing company who offered a free pension review. She was then contacted by Dean Smith of My IFA Friend Limited (FCA authorisation number 543415).

Dean Smith advised our client that she should open a SIPP with Greyfriars and to transfer all of her Legal & General pension to the SIPP and thereafter “invest” in Manchester Terminal 2 Hotel Limited B Bonds.

On 8 October 2013 our client signed an application to open a SIPP with Greyfriars and this was signed by Dean Smith on 15 October 2013. Thereafter Dean Smith arranged for the SIPP with Greyfriars to be opened, the pension transfer made and the investment to take place.

On 30 October 2013 £92,343.82 was transferred from Legal & General to Greyfriars. The following day Dean Smith paid his company £1,500.00 in fees and one week later arranged for the sum of £86,000.00 to be sent from the SIPP account to Manchester Terminal 2 Hotel Limited to purchase B Bonds.

Unfortunately, the “investment” in Manchester Terminal 2 Hotel Limited B Bonds failed and our client was left with a completely worthless investment and very little in her pension fund.

We secured compensation for our client of £50,000.00.

 

Mr K.C.

This gentleman had a pension with Aegon. He was approached by Tristan Freer of Bankhouse Investment Management Limited (FCA authorisation number 451839).

He was advised to open a SIPP with Pointon York, transfer his Aegon pension to the SIPP and thereafter “invest” in carbon credits.

On 21 November 2012 Aegon transferred the sum of £14,530.78 to Pointon York and on the same day the sum of £14,369.52 was paid in respect of the carbon credit “investment”.

A while later our client was told that his investment in carbon credits had failed and his pension was now worthless.

Our client consulted us for help and we were able to secure compensation on his behalf of £21,090.21.

 

Mrs H.F.

This lady was extremely badly advised. She had a very generous defined benefit pension with a FTSE 100 company, together with a personal pension with Prudential.

She was approached by a representative of a company by the name of Asset Management Advisory Services (AMASS) Limited t/a AMASS Europe whose head office was based in Limassol, Cyprus although they did have an office in Langport, Somerset.

The representative advised our client to open a SIPP with Avalon and to transfer both pensions to the SIPP and “invest” in an EPS Portfolio.

The advisor arranged for the SIPP to be opened and the sums of £128,070.00 and £29,971.21 were paid by the defined benefit scheme and the personal pension respectively to the SIPP. Thereafter the advisor paid themselves the sum of £3,842.10 in commission and then arranged to remit over £149,000.00 in the purchase of unregulated investments.

The unregulated investments subsequently failed and, as such, our client had lost her entire life savings.

It subsequently transpired that the “advisor” had very limited authorisation from the Financial Conduct Authority and were not, in fact, authorised to provide advice on pensions and investments.

We pursued a claim on our client’s behalf against Avalon to the FSCS and won compensation for our client of £85,000.00 being the maximum payable under the scheme.

 

Mr S.F.

Once again a case involving the worst possible advice. Mr F was 54 years of age and a distribution manager at the time the advice was given. He had a very valuable Local Authority defined benefit pension with Lancashire County Council.

The transfer value of the Local Authority scheme was £92,325.44. He received advice from an advisor who was not authorised by the Financial Conduct Authority of the United Kingdom to open a SIPP with Avalon, to transfer his Local Authority pension to the SIPP and to thereafter “invest” in a portfolio of unregulated, high risk and illiquid investments.

A SIPP was duly opened with Avalon and on 9 April 2014 the Local Authority pension was transferred to the Avalon SIPP. The advisor paid themselves £2,769.76. On 14 April 2014 the sum of £87,166.77 was “invested” in a range of completely inappropriate unregulated investments.

Subsequently most of the investments failed and our client was left with little or nothing to show for all the years of hard work with the Local Authority.

We were instructed to pursue a claim for compensation. The claim was made against Avalon to the FSCS on the basis that the SIPP company failed to exercise due diligence, not only in relation to the company who advised Mr F but also in relation to the so-called “investments” that were made within the SIPP.

We were able to secure compensation for Mr F of £83,136.27.

 

Mr T.S.

This gentleman was approached by Dominic Barry of BlueInfinitis, (FCA authorisation number 579288). He offered our client a free pension review. Our client had a personal pension with ReAssure and three personal pension plans with Royal London. The total transfer value of all pensions was £44,189.11.

Dominic Barry advised our client to open a SIPP with Gaudi, to transfer all of his personal pensions into the SIPP and to thereafter invest in a 10 year Bond with Affinity Corporation Properties LLP and three lots of penny shares.

Affinity later changed their name to Anilana and subsequently went into liquidation. The penny stocks in which our client had invested also failed.

In total £29,000.00 was invested with Affinity and over £10,000.00 in penny stocks.

Our client suffered almost a total loss of his pension.

We pursued a claim against BlueInfinitis to the FSCS and we succeeded in recovering compensation of £30,326.93 for our client.

 

Mr P.K.

This 52 year old asbestos operative from Glasgow was contacted by a company called Henderson Carter Associates Limited (FCA authorisation number 512016).

Henderson Carter offered our client a free pension review which our client decided to accept.

At the time of the advice our client had two pensions with Friends Life and ReAssure with a combined transfer value of £48,328.47.

He was advised by Henderson Carter Associates Limited to open a SIPP with London Colonial, to transfer his pensions from Friends Life and ReAssure to the SIPP and thereafter “invest” in carbon neutral investments.

Henderson Carter arranged for the SIPP application to be completed by our client and the monies to be transferred from Friends Life and ReAssure to the SIPP. These transfers took place in April 2012.

On 13 April 2012 Henderson Carter paid themselves £1,449.85 in commission and on 9 May 2012 the SIPP company remitted the sum of £42,997.50 in respect of carbon neutral investments. The carbon neutral investments subsequently failed and our client was left with no pension.

We were instructed by Mr K to pursue a claim for compensation against Henderson Carter Associates Limited to the FSCS. We were very pleased to advise Mr K that his claim was entirely successful and we recovered on his behalf the sum of £50,000.00.

 

Mr W.S.

This fork lift truck driver was 61 years of age when he was contacted by Dominic Barry t/a BlueInfinitas (FCA authorisation number 579288) offering a free pension review. Our client decided to accept a pension review because he had two personal pensions with Phoenix Life and the Co-op.

Dominic Barry advised our client to open a SIPP with Greyfriars and to transfer his personal pensions to the SIPP and thereafter invest in Windermere Hydro Hotels Limited A Bonds.

Dominic Barry arranged for a SIPP to be opened on behalf of our client with Greyfriars and thereafter arranged for the pension transfers to take place and for the investment to be made in Windermere Hydro Hotels Limited A Bonds.

A total of £64,265.33 was transferred from our client’s personal pensions to the SIPP. Dominic Barry paid himself a commission of £1,000.00 and thereafter the sum of £42,000.00 was sent to Windermere Hydro Hotels Limited in respect of the purchase of A Bonds.

On behalf of Mr S. we obtained an interim payment of £20,585.20 and we were able to obtain a further full and final award of £29,414.80, making a total recovered of £50,000.00.

 

Mr C.M.

Mr C.M., a company director from Hertfordshire was approached by The Alliance Partnership who were advisors who were not authorised by the Financial Conduct Authority.

They advised Mr M to transfer away from his personal pension with Prudential to a SIPP with Brooklands Trustees Limited and to “invest” in Premier New Earth Solutions Recycling Fund.

The investment subsequently failed and Brooklands Trustees Limited were placed into administration.

We were able to obtain an interim award for our client of £31,136.88. The award was made on the basis of Brooklands being liable for the actions of The Alliance Partnership in pursuance of a joint enterprise.

 

Mr B.

We represented this 50 year old airline pilot who was living in the UAE at the time who was approached by Holborn Assets LLC who were based in Dubai. Despite the fact that they were not authorised by the Financial Conduct Authority of the United Kingdom they carried out a pension review for our client.

Our client had a previous pension with an ex employer which had defined benefits attached to it and a transfer value of £57,555.40.

Holborn Assets LLC advised our client to open a SIPP with Brooklands Trustees Limited, to transfer his defined benefit pension to the SIPP and to thereafter invest in a Bond with Royal Skandia.

The sum of £57,555.40 was transferred to our client’s SIPP account on 6 December 2010 and on 8 December 2010 the sum of £56,825.00 was remitted by the SIPP company to Royal Skandia in respect of the Bond purchase.

Our client assiduously followed the performance of the Bond and became extremely concerned that the value was dropping on a regular basis. Accordingly, our client decided to cash in what was left of the Bond and this produced an enormous loss.

We pursued against Brooklands Trustees Limited to the FSCS and were able to obtain an award in our client’s favour of £44,318.44.

 

Mr C.P.

Mr P, a plumber from Surrey was 46 years old when he was approached by 1 Stop Financial Services who offered to carry out a pension review.

Our client accepted the review because he had personal pensions with NPI and Zurich. The advisor suggested that our client should open a SIPP with GPC SIPP and to transfer his pensions from NPI and Zurich into the SIPP and thereafter buy land in Spain known as Los Pandos.

A SIPP was duly opened and a total of £33,392.27 was transferred into the SIPP from our client’s existing pensions. 1 Stop paid themselves commission of £1,995.00 and thereafter arranged for the SIPP company to send £28,700.00 in respect of the purchase of the land in Spain known as Los Pandos.

The so-called investment in Los Pandos subsequently failed, thus wiping out our client’s pension.

We pursued a claim against 1 Stop to the FSCS and recovered the sum of £50,000.00 for the client.

 

Mr K.S.

Mr S, who was a cleaner from Blackpool and who was aged 46 at the time, was approached by Rod Morton of TailorMade SIPP Limited (FCA authorisation number 506611).

At that time our client had two small personal pension plans with ReAssure and Friends Life and a small defined benefit pension with an ex employer.

Rod Morton advised our client to open a SIPP with Berkeley Burke, thereafter to transfer his three pensions into the same and then to purchase a fractional share in store pods which were being sold by the Store First Group.

Rod Morton arranged for a SIPP to be opened with Berkeley Burke and a total of £31,124.34 was transferred into the SIPP from our client’s three pensions. Thereafter the sum of £27,183.65 was remitted by Berkeley Burke to Store First Group representing the cost of a fractional interest in storage pods.

Storage pods are now deemed to have no value and our client realised that he had been completely mis-sold and had lost all of his pensions.

We pursued a claim on behalf of our client against TailorMade SIPP Limited to the FSCS and our client was awarded £50,000.00.

 

Mrs C.E.

Mrs E from Merseyside had an extremely valuable defined benefit pension provided by an ex employer. Out of the blue she received a cold call from a company by the name of TPS Land.

TPS Land were not authorised by the Financial Conduct Authority and were based in Marbella, Spain. They advised our client to open a SIPP with Berkeley Burke, to transfer her defined benefit pension into the SIPP and to invest in storage pods with Store First Group Limited.

A SIPP was duly opened with Berkeley Burke and the sum of £65,791.36 was transferred to the SIPP from the defined benefit scheme. The sum of £62,250.00 was then remitted to Store First Group in respect of the purchase of storage pods.

Storage Pods are now deemed to have no value and, as such, our client had lost all of the very valuable benefits which would have been payable by the ex employers’ defined benefit scheme, together with the monies invested via the SIPP.

A claim was made on the client’s behalf against Berkeley Burke to the Financial Ombudsman Service although before the Ombudsman could make a determination Berkeley Burke went into administration.

Thereafter it was necessary to make a claim against Berkeley Burke to the FSCS.

An award was made in our client’s favour by the FSCS in the sum of £63,127.75.

 

Mr A.P.

This gentleman was contacted in 2012 by Tullett Brown, Foxstone Carr offering to carry out a free pension review.

As our client had two existing pensions which he thought were under-performing he agreed to a review taking place.

Our client was advised to open a SIPP with GPC SIPP Limited (Guardian) and to transfer his existing pensions to the SIPP with GPC and invest in storage pods.

The SIPP was duly opened with the assistance of the advisor and a total of £70,755.54 was transferred from our client’s previous pensions to the SIPP. Thereafter the sum of £64,500.00 was sent in respect of the purchase cost of the storage pods.

The storage pods are now deemed to have no value and GPC SIPP Limited went into administration.

Unfortunately Tullett Brown, Foxstone Carr were not authorised by the Financial Conduct Authority of the United Kingdom.

It was therefore necessary to commence a claim against GPC SIPP Limited to the FSCS.

We were very pleased to advise our client that we recovered the sum of £48,692.42.

 

Mrs D.S.

This 58 year old lady from Cumbria had a private pension with Scottish Life which she thought had been under-performing.

She was contacted by Jackson Francis who were a telesales company and had no financial expertise whatsoever. However, more importantly, they were not authorised by the Financial Conduct Authority of the United Kingdom.

They advised our client to open a SIPP with Berkeley Burke SIPP and to transfer her private pension into the SIPP and thereafter purchase storage pods from the Store First Group within the SIPP.

A SIPP was duly opened and the sum of £50,513.77 was transferred from her personal pension to the SIPP. Thereafter the sum of £37,500.00 and then a further £9,000.00 were remitted by Berkeley Burke in respect of the purchase of storage pods.

Jackson Francis went into administration. Berkeley Burke SIPP went into administration and Store First Group went into administration. Our client was at a loss as to how to proceed.

We made a claim against Berkeley Burke on our client’s behalf directly to the FSCS and we recovered compensation on our client’s behalf of £50,913.34.