Pension Compensation Success Stories

Mr S.H.

This gentleman from Hartlepool was previously employed by The London Borough of Tower Hamlets and was a member of an extremely valuable defined benefit pension offered by the Local Authority.

He was approached by an unauthorised advisor who advised our client to open a SIPP with Liberty SIPP Limited and to transfer his defined benefit pension into the SIPP and thereafter “invest” in a vineyard in Spain known as Los Pandos.

The sum of £49,196.99 was transferred from the London Borough of Tower Hamlets Pension Scheme to the SIPP with Liberty SIPP Limited. Thereafter Liberty SIPP Limited sent the sum of £45,500.00 to the Los Pandos development.

Los Pandos and Liberty SIPP Limited subsequently went into administration resulting in our client sustaining a total loss to his pension.

We pursued a claim on behalf of our client against Liberty SIPP Limited to the FSCS.

We were very pleased to be able to advise our client that we were able to obtain compensation for him of £45,864.84.

Date of decision 28 September 2021

 

Mrs L.M.

This married lady from County Down was yet another victim of pension mis-selling by Avacade Limited/Liberty SIPP Limited.

Our client received a cold call from Avacade Limited who advised our client to transfer her pension with Royal London in the sum of £13,698.81 to a SIPP with Liberty SIPP Limited and to “invest” the sum of £10,500.00 into Ethical Forestry.

Ethical Forestry Limited and Liberty SIPP Limited both failed and our client lost all of her “investment”.

We were able to obtain compensation for our client of £13,881.07.

Date of decision 24 September 2021

 

Mr M.D.

This is yet another Avacade case of financial mis-selling.

Our client was advised by Avacade Limited to transfer his existing pensions with Aviva and Phoenix Life into a SIPP with Liberty SIPP Limited and thereafter “invest” the sum of £21,280.00 into Ethical Forestry. This was obviously bad advice and should not have been given as Avacade Limited were not authorised by the Financial Conduct Authority to advise.

The sum of £26,837.21 was transferred into the SIPP with Liberty and thereafter Liberty sent the sum of £21,280.00 to Ethical Forestry. Ethical Forestry Limited subsequently failed, as did Liberty SIPP Limited.

We were able to obtain compensation for our client of £25,425.97.

Date of decision 21 September 2021

 

Mrs M.M.

This 55 year old married lady from Fife was previously an auxiliary nurse in the NHS and, as such, was a member of the Scottish National Health Pension Scheme. Because she previously worked for the NHS in Scotland she had built up a defined benefit pension with a transfer value of over £35,000.00.

Our client received a cold call from Avacade Limited offering a free pension review, which our client agreed to accept.

As a result of the advice that our client received she opened a SIPP with Liberty SIPP Limited, transferred over £35,000.00 from her NHS pension and thereafter Liberty SIPP Limited remitted the sum of £33,000.0 to Ethical Forestry.

Liberty SIPP Limited subsequently failed, as did Ethical Forestry and Avacade Limited resulting in our client sustaining a total loss of her life savings.

We assisted our client in making a claim against Liberty SIPP Limited to the FSCS and were able to obtain compensation for our client of £35,485.73.

Date of decision 16 September 2021

 

Mr M.V.

This is yet another case where Avacade Limited were involved following a cold call.

Our client agreed for Avacade Limited to carry out a free pension review. Despite the fact that Avacade Limited were not authorised by the Financial Conduct Authority they advised our client to transfer his existing pension with Zurich to a SIPP with Liberty SIPP Limited and to “invest” practically all of the monies transferred into Ethical Forestry.

From the monies transferred from our client’s pension with Zurich, the sum of £21,000.00 was remitted by Liberty SIPP Limited to Ethical Forestry.

Ethical Forestry, Liberty SIPP Limited and Avacade Limited subsequently went into administration and our client therefore suffered a total loss.

We were pleased to advise our client that we obtained compensation on his behalf of £24,765.38.

Date of decision 14 September 2021

 

Ms. S.C.

This lady from Greenhithe, Kent had three pensions with a total transfer value of £54,599.42. She received a cold call from a representative from Avacade Limited who were not authorised by the Financial Conduct Authority. Avacade Limited offered our client a free pension review which our client agreed to accept.

The “advisor” from Avacade Limited advised our client to open a SIPP with Liberty SIPP Limited, to transfer her pensions into the SIPP and to thereafter “invest” in unregulated, high risk and illiquid investments, namely Ethical Forestry and Global Plantations Limited.

The “advisor” arranged for our client to open a SIPP with Liberty SIPP Limited and for the pensions to be transferred.

Thereafter Liberty SIPP arranged to remit the sum of £9,000.00 to Global Plantations and £39,000.00 to Ethical Forestry.

Subsequently Ethical Forestry, Global Plantations and Liberty SIPP Limited went into administration and our client lost all of her life savings.

We assisted our client in pursuing a claim against Liberty SIPP Limited to the FSCS and we were pleased to be able to advise our client that she was awarded the sum of £54,124.14 in compensation.

Date of decision 8 September 2021

 

Mrs K.W.

This lady from Chesterfield had two pensions with Royal London and Aegon. She received a cold call from a representative of Avacade Limited who were a firm of tele marketeers/advisors who were not authorised by the Financial Conduct Authority (FCA). She was offered a free pension review which she agreed to accept.

The “advisor” suggested that she should open a SIPP with Liberty SIPP Limited, transfer her pensions from Royal London and Aegon into the SIPP and thereafter “invest” in Ethical Forestry.

The representative from Avacade assisted our client in opening a SIPP with Liberty and arranged for the transfer of her pensions into the SIPP. Thereafter Liberty SIPP remitted the sum of £23,450.00 to Ethical Forestry Limited in respect of the “investment”.

Ethical Forestry Limited and Liberty SIPP Limited later went into administration and our client suffered a total loss.

We assisted our client in making an application for compensation against Liberty SIPP Limited to the FSCS and were pleased to advise our client that we obtained compensation on her behalf of £27,450.79.

Date of decision 6 September 2021

 

Mr C.F.

This client had built up a personal pension with Aviva. He was approached by a representative of
Blue Ocean Finance Limited which was a firm of financial advisors who were authorised by the
Financial Conduct Authority. Our client was advised to open a SIPP with Novia Financial PLC, to
transfer his pension with Aviva into the SIPP with Novia and thereafter “invest” in shares which
subsequently proved to have no value whatsoever. As a result of the bad advice received by our
client he suffered financial losses.

We made a claim against Blue Ocean Financial Services Limited to the FSCS on our client’s behalf and
our client was awarded the sum of £13,009.44 in compensation.

Date of decision 24 August 2021

 

Mrs S.A.

This lady had two defined benefit pensions which she had acquired during the course of past
employments. She was persuaded by a person called Chris Bateman to open a SIPP with Liberty SIPP,
to transfer her defined benefit pensions to the SIPP and “invest” in an unsecured loan note in favour
of a company named Gravity Child Care Limited. Chris Bateman suggested that our client could
double her money in two years.

Our client opened a SIPP with Liberty SIPP and the pension monies from her defined benefit scheme
were transferred to the SIPP. Thereafter our client completed a third party loan note application and
on 20 December 2012 Liberty SIPP remitted the sum of £23,704.32 to Gravity Child Care Limited.

It wasn’t until much later that our client realised that she had been very badly advised. Gravity Child
Care Limited was dissolved on 24 September 2020 following the presentation of a Winding Up
Petition against the company.

Gravity Child Care Limited failed to make any repayment of the loan monies or at all and our client
therefore suffered a total loss. We assisted our client in making an application for compensation to
the FSCS against Liberty SIPP Limited and we were pleased to advise our client that she was awarded
the sum of £25,812.30 in compensation.

Date of decision 20 August 2021

 

Mrs A.C.

This lady who was employed as a sales assistant and who lives in Tipton, West Midlands, was approached by Avacade Limited. Avacade Limited offered to conduct a free pension review. As our client had a pension with Standard Life she agreed to the review taking place.

A representative from Avacade Limited attended our client’s home and advised her to open a SIPP with Liberty SIPP Limited, to transfer her Standard Life pension into the SIPP and to thereafter “invest” in Ethical Forestry.

Avacade Limited assisted our client in making an application to open a SIPP and arranged for the transfer of our client’s existing pension with Standard Life to the SIPP.

In October 2013 the sum of £19,102.69 was transferred into the SIPP. Thereafter the sum of £16,707.00 was remitted to Ethical Forestry.

Both Liberty SIPP Limited and Avacade Limited subsequently went out of business and our client’s investment in Ethical Forestry failed as the company went into liquidation.

We assisted our client in making a claim against Liberty to the FSCS and were very pleased to advise her that we were able to secure compensation on her behalf of £19,288.57.

Date of decision 18 August 2021

 

Mr G.W.

This is yet again another case where Avacade Limited provided financial advice when they were not authorised to do so. This gentleman from Larne in County Antrim received an unsolicited approach from Avacade Limited. They advised him to transfer his existing defined contribution pension into a SIPP with Liberty SIPP Limited.

Avacade assisted our client in opening a SIPP and arranged for the transfer of his existing pension
into the Liberty SIPP. Thereafter Liberty SIPP remitted the sum of £15,050.00 to Ethical Forestry. This
“investment” subsequently failed.

Liberty SIPP Limited were placed into administration, as were Avacade Limited.

Our client had lost all of his pension because of bad advice given by an unregulated advisor.

We once again assisted our client in making a claim against Liberty SIPP to the FSCS and our client was awarded the sum of £18,426.67 in compensation.

Date of decision 5 August 2021

 

Mr C.C.

This gentleman who is now 55 years of age received a cold call from Avacade Limited who offered to conduct a free pension review. Our client accepted the review because he had an existing pension/s. The representative from Avacade advised our client to open a SIPP with Liberty SIPP Limited and to transfer all of his pensions into the SIPP and thereafter “invest” in Ethical Forestry, Global Plantations and Real Estate Investments USA. The sum of £37,184.54 was transferred from his existing pension provider/s into the SIPP with Liberty and thereafter £16,100.00 was remitted by Liberty to Ethical Forestry, £8,000 was remitted by Liberty to Global Plantations and £10,000 was
remitted by Liberty to Real Estate USA.

All of the “investments” that our client made on advice from Avacade Limited failed, resulting in our client losing all of his pension. Avacade Limited were not authorised by the Financial Conduct Authority of the United Kingdom to provide financial advice of any kind whatsoever but did, in fact, do so.

We made a claim on behalf of our client against Liberty SIPP Limited to the FSCS and we were pleased to advise our client that he was awarded compensation of £38,466.52.

Date of decision 5 August 2021

 

Mr C.K.

Our client was a business consultant based in London who had 3 pensions with Friends Provident, Equitable Life and the Pearl Group with a total transfer value of over £65,000.00.

He was approached by Martin Leganis of Liddle & Perret Limited. Neither Mr Leganis nor Liddle & Perret Limited were authorised by the Financial Conduct Authority to provide advice on pensions.

Mr Leganis advised our client to open a SIPP with Berkeley Burke SIPP Administration Limited, to transfer his 3 pensions to the SIPP and to thereafter “invest” in Sustainable AgroEnergy PLC.

The advisor arranged for all of the paperwork to be completed, including opening the SIPP, the transfer of funds from the 3 existing pensions and thereafter gave instructions to the SIPP company that the sum of £60,195.00 should be remitted to Sustainable AgroEnergy PLC.

Not only did the investment in Sustainable AgroEnergy completely fail, resulting in our client suffering a total loss, but his SIPP company Berkeley Burke SIPP Administration Limited also failed.

We assisted our client in making a claim which resulted in him receiving an award of compensation of £62,959.86.

Date of decision 28 July 2021

 

Mr P.M.

This gentleman who lives in Stoke on Trent had a pension with Aegon. He was advised by a representative of Cape Verde for Life, who were not authorised by the Financial Conduct Authority to provide any kind of advice whatsoever. The advisor recommended that our client should open a SIPP with Berkeley Burke SIPP Administration Limited, to transfer his pension from Aegon to the SIPP and to thereafter “invest” in fractional ownership of a hotel room in Salinas Sea Resort.

The advisor arranged for all of the paperwork to be completed, the SIPP to be opened and the pension monies to be transferred.

On 3 September 2012 just over £22,000.00 was received into the SIPP with Berkeley Burke from our client’s previous pension with Aegon.

On 20 December 2012 Berkeley Burke remitted the sum of £19,000.00 in respect of the purchase price of the fractional ownership of the hotel room in Salinas Sea Resort.

Owing to an administrative error on the part of Salinas Sea Resort our client received the return of over £17,000.00 into his SIPP account.

Fractional ownership of properties in Salinas Sea Resort now have no value. Following the collapse of Berkeley Burke we made a claim on our client’s behalf for compensation and he received an award of £6,770.67.

Date of decision 21 July 2021

 

Miss D.M.

This 50 year old lady from Birmingham was a member of a defined benefit pension provided by the NHS Superannuation Scheme with a transfer value of £43,691.53.

She was “advised” by Avacade Limited, who were not authorised by the Financial Conduct Authority of the United Kingdom, to open a SIPP with Liberty SIPP Limited, to transfer her NHS pension into the SIPP and to thereafter “invest” in Ethical Forestry and Global Plantations.

Our client was told by the “advisor” that the above investments would far out-perform her NHS pension and therefore it would be to her great financial advantage to transfer out and to make the “investments” proposed.

The “advisor” arranged for all of the paperwork to be completed and for the SIPP to be opened with Liberty SIPP Limited. Following the transfer of her NHS pension of £43,691.53 into the SIPP with Liberty the sum of £31,500.00 was remitted by Liberty to Ethical Forestry and the sum of £8,000.00 was remitted by Liberty to Global Plantations.

Not only did the “investments” in Ethical Forestry and Global Plantations fail but her SIPP company Liberty SIPP Limited was placed into administration.

As a result of bad advice by a company that was not authorised to provide advice our client had lost very valuable benefits contained within her NHS pension.

We pursued a claim on our client’s behalf against Liberty SIPP Limited to the FSCS and were able to recover the sum of £44,135.20 on behalf of our client in compensation.

Date of decision 6 July 2021

 

Mr C.H.

This 61 year old gentleman from North Lincolnshire received a cold call from Avacade Limited enquiring as to whether or not he was willing to undergo a pension review.

Avacade Limited were not authorised by the Financial Conduct Authority of the United Kingdom to provide any kind of financial advice. In effect they were simply a marketing company.

Our client agreed to a review taking place and he was “advised” by Avacade Limited to transfer his pension with Standard Life to a SIPP with Liberty SIPP Limited and to thereafter “invest” into Ethical Forestry.

Our client accepted the advice that he received because he was told by the representative from Avacade that it would be to his considerable financial benefit.

Avacade Limited arranged for all paperwork to be completed, the SIPP to be opened and the transfer to take place.

Over £19,000.00 was transferred from our client’s pension with Standard Life into the SIPP and just over £17,000.00 was remitted to Ethical Forestry.

Ethical Forestry failed and Liberty SIPP was placed into administration.

We submitted a claim on our client’s behalf against Liberty SIPP to the FSCS and obtained compensation for our client of £19,559.58.

Date of decision 6 July 2021

 

Mr L.M.

This gentleman had a pension with Legal & General with a transfer value of £31,273.31. He was advised by Nicholas Gray of CIB (Life & Pensions) Limited who were authorised by the Financial Conduct Authority under authorisation number 133698.

Nicholas Gray advised our client to open a SIPP with Rowanmoor SIPP Company, to transfer his Legal & General pension into a SIPP and thereafter “invest” in fractional ownership of property in Cape Verde in a scheme run by The Resort Group.

Nicholas Gray arranged for all of the paperwork to be completed on our client’s behalf and the SIPP to be opened with Rowanmoor.

On 14 March 2012 the sum of £30,342.07 was transferred by Legal & General to Rowanmoor SIPP. On 16 March 2012 Rowanmoor forwarded the sum of £21,319.20 to The Resort Group in respect of the fractional ownership of the property in Cape Verde. It is now universally agreed that fractional ownership of the property in Cape Verde is worthless and, as such, our client has lost the vast proportion of his pension.

We pursued a claim on our client’s behalf to the FSCS and we were able to recover compensation of £50,000.00.

Date of decision 30 June 2021

 

Mr W.F.

This gentleman had a pension with Prudential. He was approached by Avacade Limited who provided financial advice, even though they were not authorised by the Financial Conduct Authority. Avacade advised our client to open a SIPP with Liberty Pensions, to transfer his pension with Prudential into the SIPP and thereafter to “invest” in Ethical Forestry Melina trees.

The representative from Avacade arranged for the opening of the SIPP with Liberty, the transfer of funds from Prudential to the SIPP and thereafter the “investment” in Ethical Forestry.
On 21 September 2012 the sum of £26,764.53 was transferred by Prudential to our client’s SIPP with Liberty and on 28 September 2012 Liberty SIPP forwarded the sum of £24,600.00 to Ethical Forestry.

We initially made a claim on our client’s behalf against Liberty SIPP Limited and following the SIPP company going into administration we then assisted our client in making a claim for compensation to the FSCS.

We were pleased to advise our client that we were able to recover compensation on his behalf of £27,011.18. However, that decision is the subject of a review that we have made on our client’s behalf as we do not accept the FSCS have applied the correct method of calculating our client’s loss.

Date of decision 28 June 2021

 

Mr D.C.

Our client was previously a member of the TRW Pension Scheme (formerly ZF UK Pension Plan) which was a defined benefit scheme. He was advised by Lyndsey Fellows of South Wales Financial Services Limited who were a firm of independent financial advisors who were authorised by the Financial Conduct Authority under reference 484348. The representative advised our client to open a SIPP with Novia and to thereafter transfer his defined benefit pension with TRW Pension Scheme and thereafter to “invest” in mixed investment trusts. Our client also had a small pension plan with Axa and he was advised to transfer this into the SIPP also.

On 19 February 2010 the sum of £36,756.50 was transferred from the TRW Pension Scheme to the SIPP with Novia and, at the same time, the sum of £6,570.26 was transferred from Axa to the SIPP with Novia.

Our client had lost the very valuable benefits of being a member of a defined benefit scheme. His actual loss was calculated as being in the sum of £99,326.05. However, we were able to obtain an award of compensation for our client of £50,000.00 being the maximum payable under the Scheme.

Date of decision 17 June 2021

 

Mr T.C.

In 2010 this gentleman was contacted by a representative of G Loans who persuaded our client to transfer his £62,282.89 personal pension with Hargreaves Lansdown into a SIPP with HD Administrators Limited and to thereafter make an unregulated investment into a business called KJK Investments Limited, which company has now been wound up, making it likely that Mr C had lost his entire pension. Our client’s claim was that HD Administrators Limited knew or should have known that G Loans was giving advice without authorisation to do so and likely worked in a joint enterprise and that HD Administrators Limited failed in its duty of care towards him.

Mr C then made a claim to the FSCS and this was subsequently refused by the FSCS. Following the refusal by the FSCS Mr C then contacted this firm and we agreed to act on his behalf. We then lodged an appeal against the refusal of a decision. The FSCS subsequently agreed with us that the way in which HD Administrators Limited sold the KJK Investments Limited to our client was fraudulent.

We recovered the sum of £50,000.00 from the FSCS for our client, being the maximum amount recoverable in this case.

Date of decision 9 June 2021

 

Mr C.H.

We acted for this client who was advised by Asset IFA Limited who were a firm of financial advisors who were authorised by the Financial Conduct Authority of the United Kingdom under reference number 139062.

The representative from Asset IFA Limited advised our client to open a SIPP with Pointon York and to transfer his pension with Zurich to the SIPP and thereafter “invest” in obscure esoteric investments and, in particular, Reyker Securities PLC.

The representative from Asset IFA Limited assisted our client in opening a SIPP and thereafter arranged for the Zurich pension to be transferred. On 29 December 2016 the sum of £57,256.90 was transferred by Zurich to the SIPP with Pointon York. Thereafter the representative from Asset IFA Limited arranged for a substantial investment to be made on our client’s behalf to Reyker Securities together with other esoteric investments.

Reyker Securities have been placed into administration and many of the other esoteric investments are illiquid and incapable of being valued.

We made a claim on our client’s behalf to the FSCS and recovered the sum of £28,679.44 by way of an interim award leaving open the possibility of our client recovering further compensation in due course.

Date of decision 8 June 2021

 

Mr M.K.

This gentleman was 41 years old when he was offered a free pension review from Imperial Wealth Management Limited. Mr K accepted the offer of a free pension review. He received advice from Imperial Wealth Management Limited. This firm was authorised by the Financial Conduct Authority of the United Kingdom, under reference 501271. This firm was later known as Hyde Financial Management Limited and are now in liquidation. At the time of the advice our client was a member of a defined benefit scheme known as The Old British Steel Pension Scheme by virtue of his employment, having joined the Scheme many years before. The representative of Imperial Wealth Management Limited advised our client that his best interests would be served by transferring away his valuable British Steel Pension and thereafter opening a personal pension with Prudential.

Our client accepted the advice of Imperial Wealth Management Limited and the representative then assisted our client in making an application to open a personal pension with Prudential and to thereafter transfer our client’s interest in the British Steel pension to the personal pension plan with Prudential. On 5 January 2018 the sum of £373,555.01 was transferred from the British Steel Pension to the personal pension with Prudential. Following the transfer to the Prudential personal pension Imperial Wealth Management Limited received an initial commission of £5,603.33.

We made a claim to the FSCS against Hyde Financial Management Limited, formerly Imperial Wealth Management Limited and subsequently recovered the sum of £54,408.69 which was the maximum recoverable. However, it should be borne in mind that our client’s loss was not £373,555.01 because since transferring his British Steel Pension to Prudential the Prudential pension had increased in value significantly.

Date of decision 10 May 2021

 

Mr A.R.

This gentleman was aged 48 years old at the time received advice from a representative of TPS Land of Malaga, Spain who was not authorised by the Financial Conduct Authority of the UK. Our client was advised to open a SIPP with Berkeley Burke SIPP Administration Limited and to thereafter transfer away from our client’s interest in his Aegon pension and to thereafter “invest” in storage pods.

The advisor completed an application on behalf of our client to open a SIPP with Berkeley Burke and thereafter arranged for the transfer of the sum of £41,473.91 from our client’s Aegon pension into the Berkeley Burke SIPP. Thereafter the sum of £38,086.00 was forwarded on 31 August 2011 to Solicitors in respect of the purchase price of the storage pods.
We subsequently made a claim against Berkeley Burke to the FSCS and recovered the sum of £38,933.09 compensation on our client’s behalf.

Date of decision 6 May 2021

 

Mrs C.K.

We acted for the widow of the late pension investor. Our client’s late husband was contacted in September 2012 by Gazanfer Taj of Group First offering a pension review. Despite the fact that Group First were not authorised by the Financial Conduct Authority they proceeded to give financial advice. They advised our client’s late husband to open a SIPP with Berkeley Burke, to transfer his pension from Scottish Life to the SIPP and thereafter “invest” in storage pods.

On 21 November 2012 Scottish Life transferred the sum of £37,329.83 to the SIPP with Berkeley Burke. Thereafter Berkeley Burke transferred the sum of £33,570.00 to the Solicitors instructed to act upon the purchase of storage pods.

The “investment” in storage pods was later deemed to have no value whatsoever and, as such, our client’s late husband had lost his entire pension.
We assisted our client in submitting a claim on her behalf to Berkeley Burke on account of their failure to carry out due diligence. Berkeley Burke subsequently went into administration. A claim was then made on our client’s behalf to the FSCS. We were pleased to advise our client that we were able to obtain compensation on her behalf of £34,064.46.

Date of decision 21 April 2021

 

Mr I.M.

This 58 year old warehouse assistant from Cranfield was extremely badly advised by Philip Pryke of Capital & Income Solutions Limited (FCA authorisation number 462885). Our client had an extremely valuable defined benefit pension with Johnson Matthey under the employee pension scheme.

He was approached by Philip Pryke who advised our client that because he no longer worked for Johnson Matthey he should transfer his pension from the employee pension scheme operated by them to a Royal London which is a defined contribution scheme.

Philip Pryke completed all of the paperwork on behalf of our client and arranged for the transfer to take place. On 27 July 2017 Johnson Matthey retirement scheme transferred the sum of £162,292.76 to the Royal London pension.

This was the worst advice possible but despite this Philip Pryke paid his company Capital & Income Solutions Limited the sum of £6,500.00 in commission.

Our client had gone from having an extremely valuable defined benefit pension scheme with a guaranteed income in retirement to a defined contribution scheme whose performance was subject to the volatility of the Stock Market and therefore completely inappropriate.

We made a claim against Capital & Income Solutions Limited to the FSCS and were very pleased to advise our client that we had recovered the sum of £53,841.71 compensation on his behalf.

Date of decision 23 March 2021

 

Mr M.J.K.

This gentleman was previously a member of The British Steel Pension Scheme and had a very valuable defined benefit pension as a result.

He was approached by Hyde Financial Management Limited formerly Imperial Wealth Management Limited (FCA authorisation number 501271).

The representative from Hyde Financial Management Limited advised our client that he should open a defined contribution pension with Prudential and transfer his British Steel pension to the Prudential pension.

The advisor assisted our client in opening the pension with Prudential and arranging for the transfer of funds from British Steel Retirement Scheme. On 5 January 2018 the sum of £373,555.01 was transferred from the British Steel Retirement Scheme to Prudential. Thereafter Imperial Wealth Management Limited paid themselves an initial commission of £5,603.33.

It was completely bad advice for our client to leave the British Steel Pension Scheme and to transfer his pension monies to a defined contribution scheme with Prudential.

We were able to obtain an award of compensation for our client of £30,591.31 to compensate our client for the financial loss of transferring his pension.

Date of decision – 18/03/21

 

Mr B.D.

Mr B.D. from London had a defined contribution pension with ReAssure.

Our client was approached by Omar Hussein of Consumer Wealth Limited (FCA authorisation number 667910). Omar Hussein advised our client to open a SIPP with Novia, to transfer his pension from ReAssure into the SIPP and to make “investments” in EF Facet Balanced Disc and EF Facet Cautious Disc.

A total of £23,871.00 was transferred from ReAssure into the SIPP and, following the advisor paying themselves a hefty commission, there then proceeded to be a number of investments purchased and thereafter quite quickly sold upon a regular basis. This scam is known as “churning” and is designed to generate large commissions and to conceal and confuse the overall picture. However, the advisor made a number of purchases in EF Facet Balanced Disc and EF Facet Cautious Disc.

The above investments are deemed to be high risk and illiquid and deemed to be unregulated collective investment schemes.

Despite the fact that we were unable to value the underlying investments in our client’s SIPP our client was awarded interim compensation of £13,256.42. This calculation was based on what would have been the notional value of our client’s pension with ReAssure had he remained with that company and without making any further contributions.

If and when the underlying investments in our client’s SIPP fail we will be able to return for further compensation.

Date of decision – 11/03/21

 

Mr K.P.

Mr K.P. currently lives in the Philippines but is a UK citizen. He had worked for a number of years for BEA Systems and had an extremely valuable defined benefit pension with BAE Systems Pension Scheme with a transfer value in excess of £113,000.00.

He was approached by an “advisor” from Aisa International who were not authorised by the Financial Conduct Authority of the UK. They advised him to open a SIPP with Stadia Trustees and to transfer the entirety of his pension with BAE Systems into the SIPP and “invest” in Mansion Student Accommodation and Kijani Commodity Fund, both of which were unregulated, high risk and illiquid investments.

A SIPP was opened, the transfer took place and the “investments” were made.

We pursued a claim against Stadia Trustees to the FSCS on behalf of the client on account of the trustees’ failure to carry out any due diligence.

We are pleased to say that our client was awarded the sum of £50,000.00 compensation.

Date of decision – 09/03/21

 

Mr M.O.

Mr M.O. from Nottingham had previously worked for Boots and, as such, had a small but nonetheless valuable benefit pension with Alliance Boots of Nottingham.

He was cold called by a company by the name of Avacade Limited. Avacade Limited were not authorised by the Financial Conduct Authority to provide financial advice and described themselves as a marketing company.

Nonetheless and quite illegally, Avacade Limited gave our client financial advice. They advised our client to open a SIPP with Liberty SIPP Limited, to transfer his valuable defined benefit pension from Alliance Boots into the SIPP and thereafter “invest” in Ethical Forestry Limited which were a company who sold investments in Melina trees in Costs Rica.

Avacade Limited made representations as to the anticipated performance of the investments which were completely without any foundation and totally unwarranted.

Avacade Limited, Liberty SIPP Limited and Ethical Forestry Limited were all subsequently placed into administration. Our client’s “investment” of £17,400.00 into Ethical Forestry Limited had completed failed.

We pursued a claim to the FSCS on our client’s behalf against Liberty SIPP Limited on account of their failure to carry out proper or any due diligence whatsoever.

Our client was subsequently awarded compensation of £21,057.15.

This case is of importance for two reasons. This is one of the first cases made against Liberty SIPP Limited that has been compensated. This followed a policy decision by the FSCS in February 2021 to accept cases made against Liberty SIPP Limited. The other significant factor is that it took only 11 days from submission of the claim to a decision. We believe that this must be a record.

Date of decision – 01/03/21

 

Mr R.B.

Mr R.B. had a very valuable defined benefit scheme with the Royal Mail Pension Scheme with a transfer value of £67,343.51.

He was approached by Anthony Gott of The Alliance Partnership of The Stables, Park Lidgett Farm, Ossington, Newark, Nottinghamshire, NG23 6LG, which firm was not authorised by the Financial Conduct Authority. Anthony Gott advised our client to open a SIPP with The Brooklands SIPP and to transfer his defined benefit scheme with the Royal Mail Pension Scheme into the SIPP and to thereafter make investments in obtuse and esoteric financial instruments, none of which were authorised

In December 2011 the monies from the Royal Mail Pension Scheme were received into the SIPP. Mr Anthony Gott paid himself the sum of £3,367.18 in commission and thereafter the balance of the monies was remitted to the various investments recommended by him.

Many of the investments are so obtuse that they are difficult to value, thus making the calculation of loss extremely difficult.

Nonetheless, we were able to secure an interim award for our client of £13,627.94, leaving our client to come back for more compensation when there is more clarity on the outcome of the investments.

Date of decision – 18/02/21

 

Mr M.A.

This client was advised by Stephen Coupe of Da Vinci Wealth Management Limited (FCA authorisation number 442589).

Our client had a private pension with Skandia (now Old Mutual). Stephen Coupe advised our client to open a SIPP with Transact and to transfer his pension from Skandia to the SIPP and thereafter “invest” in Merchant Place Waste To Energy.

On 5 January 2009 Skandia transferred the sum of £27,002.23 to our client’s SIPP account with Transact and on 28 June 2010 Simon Llewellyn of Da Vinci Wealth Management Limited gave instructions by email to Transact to “invest” £25,000.00 in Merchant Place Waste To Energy Partnership. Thereafter Da Vinci Wealth Management Limited took fees of £2,000 from our client’s SIPP and the sum of £25,000.00 was sent to Merchant Place Waste To Energy.

Practically all of our client’s monies were invested in one single asset class which was high risk, unregulated and extremely illiquid.

As Da Vinci Wealth Management Limited had ceased trading and were in default we were required to submit a claim to the FSCS on our client’s behalf. However, we were able to recover the sum of £49,144.11 in compensation for our client.

Date of decision 26/01/21

 

Mrs P.K.H.

Our client had worked in the financial services industry all of her life and had the benefit of a defined contribution pension scheme with the Royal Liver Assurance Limited Superannuation Fund.

In or about February 2007 she was approached by Brian Dobson who was an independent financial advisor with Asset Independent Financial Advisors Limited (FCA authorisation number 139062).

Brian Dobson offered our client a free pension review. The review took place and our client was advised to open a SIPP with MW SIPP (now Sovereign Pension Services (UK) Limited) and to transfer her defined benefit pension with Royal Liver Assurance into the SIPP and to thereafter “invest” in a range of asset classes with Cadogan Asset Management.

On 3 July 2017 the sum of £86,206.00 was transferred by Royal Liver Assurance to MW SIPP and thereafter Asset Independent Financial Advisors Limited claimed fees of £2,801.69 for the advice.

In March 2018 the sum of £81,500.00 was sent by MW SIPP to Cadogan Asset Management. Thereafter certain investments were made which resulted in a significant loss. Our client took advice from another independent financial advisor who arranged for the investments to be sold with Cadogan Asset Management, a new pension to be opened and the sum of £64,132.89 to be transferred to the new pension by MW SIPP.

Whilst our client suffered a loss on her investments she should never have been advised to move away from an extremely valuable defined benefit pension.

We were able to recover compensation for our client of £62,173.93 in recompense for the significant loss of benefits by moving away from the defined benefit scheme with Royal Liver Assurance.

Date of decision 26/01/21

 

Mr P.T.

Mr P.T. was contacted by a representative of Alternative Pension Investments Limited who were a company who were not authorised to give pension advice under the FCA rules.

The representative advised our client to open a SIPP with Guinness Mahon and to transfer all of his pension with Scottish Life into the SIPP and “invest” in a Dolphin 5 year Loan Note.

The representative arranged to open the SIPP with Guinness Mahon and to transfer the sum of £121,828.33 from our client’s pension with Scottish Life into the SIPP with Guinness Mahon.

Thereafter our client received a tax free lump sum of £30,457.08. At the same time Guinness Mahon sent the sum of £87,500.00 to Dolphin (now The German Property Group).

Our client’s “investment” in the 5 year Loan Note with Dolphin failed when Dolphin/The German Property Group went into administration. Our client therefore lost 75% of his life savings.

Following Guinness Mahon going into administration we submitted a claim on behalf of this client and were able to recover £85,000.00 on his behalf.

Date of decision 22/01/21

 

Mr B.A.

This 62 year old sheet metal worker from Bristol was contacted in 2013 by Avacade who were a telesales company and who were not authorised to give financial advice. Nonetheless they advised our client to open a SIPP with Liberty SIPP Limited and to transfer his three pensions, which included a final salary scheme into the SIPP.

The representative from Avacade arranged for all of the paperwork to be completed and for the pension transfers to take place.

Our client was then again contacted by Avacade who advised our client that he should open a SIPP with Guinness Mahon Trust Corporation Limited and that he should transfer all of the monies from his SIPP with Liberty to Guinness Mahon and thereafter “invest” in Ethical Forestry, Real Estate Investments USA and Malaysia Teak Investment Global Plantations.

Avacade arranged for our client to be advised by Cherish Wealth Management Limited (FCA authorisation number 528335) who were an appointed representative of Shah Wealth Management Limited (FCA authorisation number 497801). However, Cherish Wealth Management Limited only advised our client in relation to the “investment” in Real Estate Investments USA and did not offer any advice whatsoever regarding the proposed transfer of his defined benefit scheme to a SIPP or the other two proposed investments in Ethical Forestry and Global Plantations.

Avacade once again arranged for all of the paperwork to be completed and for the pension monies in the SIPP account with Liberty to be transferred from the Liberty SIPP to the Guinness Mahon SIPP.

Guinness Mahon then arranged for the sum of £42,233 to be sent to Ethical Forestry on 1 October 2014. Guinness Mahon again arranged for the sum of £16,000 to be sent to Global Plantations/Malaysia Teak on 1 October 2014 and a further sum of £20,000 was sent by them to Real Estate Investments USA on 8 October 2014.

All three investments subsequently failed and, as such, our client had lost the vast majority of his pension.

A claim was initially pursued against Cherish Wealth Management Limited and an interim payment of £20,000 was secured. We then presented a claim against Guinness Mahon Trust Corporation Limited to the FSCS and are pleased to say that our client received a further payment of compensation of £60,889.12.

Date of decision – 08/01/2021

 

Mr D.H.

Once again, another storage pod case. Our client was advised by an “advisor” who was not authorised by the Financial Conduct Authority to open a SIPP with Berkeley Burke, transfer his small private pension into the SIPP and to thereafter purchase storage pods in the sum of £14,250.

Our client subsequently discovered that the storage pods had no value.

We were instructed to seek compensation. We are pleased to say that we were able to obtain compensation for our client of £17,429.12.

Date of decision – 07/01/2021

 

Mrs J.B.

This lady had three small pensions. She was advised by Andrew Rourke of TailorMade Independent Limited (FCA authorisation number 506611). Andrew Rourke advised our client to open a SIPP with Berkeley Burke, transfer her pensions to the SIPP and “invest” the sum of £11,250 in storage pods which were offered for sale by The Store First Group.

Our client subsequently discovered that the storage pods had no value and that, as such, she had lost her pension.

We pursued a claim against TailorMade Independent Limited to the FSCS and are pleased to say that our client was awarded the sum of £19,422.56.

Date of decision – 06/01/2021

 

Mr A.V.

This gentleman from Tyne & Wear had a pension with Scottish Life (now Royal London). He was contacted by Stephen Johns of Mountbatten Wealth (FCA authorisation number 451839). Mr Johns agreed to carry out a free pension review on behalf of our client.

Following the review our client was advised to open a SIPP with Avalon, to transfer his pension from Scottish Life and to thereafter “invest” in IOMA ESRG Fund and Embark Investment Portfolio. Our client accepted this advice.

On 18 December 2014 Scottish Life forwarded the sum of £39,816.69 to the Avalon SIPP. The salesman then rewarded himself with payment of a commission of £1,495.00. On 30 January 2015 Avalon forwarded the sum of £26,418.96 in purchase of the “investment” in IOMA ESRG Fund. The IOMA ESRG Fund subsequently failed which resulted in our client suffering a significant loss.

We pursued a claim on behalf of our client against Bankhouse Investment Management Limited being the successor in title to Mountbatten Wealth.

We were able to secure compensation for and on behalf of our client in the sum of £50,000.

Date of decision – 05/01/2021

 

Mr J.B.

This client had a private pension with Prudential. Out of the blue he received a call from Jackson Francis who were a telemarketing company. The person at Jackson Francis told our client that they could offer him a better pension and that his pension upon retirement would have a significant value.

The salesman at Jackson Francis told our client that he should open a SIPP with Berkeley Burke, transfer his pension from Prudential to the SIPP and thereafter buy storage pods from the Store First Group. Based on the advice of the salesman, our client agreed to transfer his pension.

The salesman at Jackson Francis arranged for all paperwork to be completed. In January 2012 the sum of £19,831.58 was transferred by Prudential to Berkeley Burke. The sum of £15,586 was then paid to the solicitors appointed to act in connection with the purchase of storage pods. The solicitors utilised these funds in regard to the purchase of the same.

The storage pods no longer have any value and our client has lost his pension.

However, we are pleased to say that we were able to obtain compensation for our client of £18,929.30.

Date of decision – 04/01/2021

 

Mr S.L.

Our client had two pension plans with ReAssure. He received an unsolicited telephone call asking whether or not he would like to have a pension review. He was subsequently contacted by Consumer Wealth Limited who were a firm of financial advisors who were authorised by the Financial Conduct Authority (FCA authorisation number 667910).

The representative of Consumer Wealth Limited provided our client with advice regarding his pensions which resulted in him opening a SIPP with Novia and transferring over £48,000 from the ReAssure pensions to the SIPP. Thereafter Consumer Wealth Limited arranged for Novia to “invest” the sum of £5,764.00 in each of the following, namely Dolphin Corporate Bonds, Enviroparks Corporate Bond, Orthios Eco Parks and The Resort Group. All of these “investments” are unregulated, high risk and illiquid.

So far we have been able to obtain three interim payments of compensation for our client in the sums of £10,674.65, £4,868.60 and £11,528.

Date of decision – 30/12/2020

 

Mr C.E.

This client was advised by Omar Hussein of Consumer Wealth Limited who were an independent financial advisor (FCA authorisation number 667910). Our client had two pensions with ReAssure and Royal London. Omar Hussein advised our client to open a SIPP with Novia and to transfer his pensions to the Novia SIPP. The sum of £27,143.45 was transferred from ReAssure to Novia on 17 August 2015. The sum of £15,497.22 was transferred from Royal London to Novia on 14 September 2015. Thereafter Omar Hussein arranged for Novia to purchase “investments” which were completely unsuitable for our client’s needs and unregulated, high risk and illiquid.

The “investments” subsequently failed and our client has lost his life savings within his pension. We were able to secure three interim awards for our client of £30,463.50, £5,028.15 and £10,077.97.

Date of decision – 30/12/2020

 

Mr K.S.

This 59 year old gentleman from Washington, Tyne & Wear was contacted by the Pension Review Centre in 2012. This company were not authorised by the Financial Conduct Authority to give financial advice. Notwithstanding this they advised our client to open a SIPP with Berkeley Burke, transfer his pension with Standard Life to the SIPP with Berkeley Burke and to purchase storage pods.

The Pension Review Centre completed all of the paperwork and on 11 December 2012 the sum of £28,609.26 was transferred from our client’s previous pension with Standard Life to the SIPP with Berkeley Burke. On 13 February 2013 Berkeley Burke transferred the sum of £25,500 to the solicitors instructed on the purchase of the storage pods.

Storage pods are now acknowledged as having no investment value and, in any event, should not form part of a pension, let alone be the total investment within a pension.

We made a claim on our client’s behalf against Berkeley Burke who had failed to carry out any due diligence on the “advisor”, our client and the underlying investment in storage pods. We were able to obtain compensation for our client of £28,630.50.

Date of decision – 23/12/2020

 

Mr J.M.

This gentleman received an unsolicited telephone call asking whether or not he would like to have his pension reviewed. As our client had a pension with Friends Life (now Aviva) he agreed to the review. He was contacted by an “advisor” who suggested that our client should open a SIPP with Gaudi, transfer his pension with Friends Life to Gaudi and thereafter “invest” in Hydrology Debentures.

On 3 December 2014 £24,929.34 was transferred by Friends Life to Gaudi and two weeks later Gaudi transferred the sum of £24,209.34 to Beauforts who were a firm of stockbrokers. Beauforts purchased the debentures in Hydrology PLC on our client’s behalf, leaving only a small cash balance in the dealing account.

We were able to obtain compensation on behalf of this client of £29,264.26.

Date of decision – 23/12/2020

 

Mr P.S.

We acted for this client who wished to obtain compensation for pension mis-selling. He previously had a pension with Canada Life. He was contacted by an advisor who was not authorised by the Financial Conduct Authority. The advisor told our client that he should open a SIPP with Guinness Mahon, transfer his pension with Canada Life into the SIPP and thereafter “invest” in a 5 year loan note with Dolphin (now The German Property Group). The advisor arranged for all of the paperwork to be completed on behalf of our client. In May 2014 the sum of £27,721.36 was transferred from our client’s pension with Canada Life to the Guinness Mahon SIPP and in September 2014 Guinness Mahon sent the sum of £25,700.00 to Dolphin Property.

Dolphin/The German Property Group has now gone into liquidation, making our client’s pension worthless. We submitted a claim on our client’s behalf against Guinness Mahon for failure to carry out any or any sufficient due diligence. Our client was awarded £27,565.44 in compensation.

Date of decision – 15/12/2020

 

Mr M.H.

This client had a pension with Phoenix Life with a transfer value of £36,701.65. He was approached by Robert Harris of Pension Calculator Limited (FCA authorisation number 622510) who at the time was an appointed representative of Multicorp Rose Limited (FCA authorisation number 197540).

Robert Harris advised our client to open a SIPP with Avalon, to transfer his Phoenix Life pension into a SIPP and to “invest” in The Organic Bond Fund, Via Developments PLC and The Organic Long/Short Alpha Fund, all of which were unregulated investments which were highly illiquid and carried a high degree of risk.

On 10 December 2015 our client’s pension with Phoenix Life was transferred to Avalon.

Following the transfer Robert Harris arranged for the “investments” to take place.

All of the investments have now failed and, as such, our client’s pension was worthless.

He initially obtained an interim award of £18,729.49 and a final award of £5,406.83.

Date of decision – 11/12/2020

 

Mr D.F.

We acted for Mr F who was almost 62 years of age at the time of instructing us. Mr F planned on carrying on work for as long as possible. He was advised by Richard Brown of Grainger & Co (FCA authorisation number 232165). Our client had 2 pensions with Skandia & Aviva and he was advised by Richard Brown to open a SIPP with Greyfriars, to transfer his 2 pensions, which totalled £123,405.17, into the SIPP and to thereafter “invest” in 4 unregulated, high risk and illiquid investments, namely 2 Dolphin loan notes, an ABC Bond IV and a portfolio known as Portfolio 6. Richard Brown of Grainger & Co received the sum of £1,495.00 in respect of commission. From the sum of £123,405.17 which was received into the SIPP, the sums of £70,000.00 and £15,000.00 were remitted to Dolphin (now The German Property Group) in respect of loan notes/bonds, £19,000.00 was remitted in respect of the ABC Bond IV and £30,000.00 was used to purchase Portfolio VI. Dolphin have now been placed in administration and any loan note/bond is now worthless. The ABC Bond failed completely and the “investment” in Portfolio 6 is not capable of being sold because it contains instruments which are illiquid thus rendering it worthless.

We secured compensation for our client of £50,000.00 which is the maximum award possible for this claim.

Date of decision – 3/12/2020

 

Mrs S.A.

We acted for the above named client who received a cold call from CLP Brokers. Our client had a pension with Prudential. Our client was persuaded by CLP Brokers to open a SIPP with Berkeley Burke and to transfer her pension with Prudential to the SIPP and to thereafter “invest” in storage pods. On 17 February 2012 the sum of £24,882.63 was transferred from Prudential into our client’s SIPP with Berkeley Burke and on 15 March 2012 the sum of £15,000.00 was sent to The Hetherington Partnership by Berkeley Burke from our client’s SIPP account to purchase storage pods. The Hetherington Partnership were paid the sum of £586.00. Storage pods are now practically worthless.

We were able to win compensation for our client of £18,192.72.

Date of decision – 2/12/2020

 

Mr D.B.

We represented the above named gentleman in connection with a claim for pension mis-selling. Our client was a plasterer by trade and when he was 49 years of age, in 2012, he was approached by Alan Mycock of Real SIPP/CIB (FCA authorisation number 422544). Our client already had a pension with Skandia which had a transfer value of £31,834.91. The advisor, Alan Mycock, advised our client that he should open a SIPP with Rowanmoor, transfer his pension with Skandia to the SIPP and thereafter “invest” in property in Cape Verde which was being offered for sale by the Resort Group.

Alan Mycock arranged for all of the paperwork to be completed and for the transfer of the pension to be effected from the pension with Skandia to the SIPP. On 7 June 2012 our client’s pension with Skandia was transferred to Rowanmoor. On 14 June 2012 £27,900.00 was sent to the Resort Group. On 17 July 2012 Real SIPP/CIB received an initial payment for “commission” of £1,400 and thereafter annual payments of £120.

Our client has subsequently been told that his “investment” in Cape Verde was worthless. We were able to secure compensation for our client of £26,976.97. This was on top of the previous interim payment of £888.88.

Date of decision – 24/11/2020

 

Mrs J.Y.

We represented the above named client who was a compositor from County Armagh in Northern Ireland. In 2011 our client was approached by Nicholas Gray of Real SIPP/CIB (FCA authorisation number 422544). Our client already had a pension with Legal & General and Nicholas Gray advised her to open a SIPP with Rowanmoor, to transfer her pension from Legal & General into the Rowanmoor SIPP and thereafter “invest” in property at Dunas Beach, Cape Verde via the Resort Group. Nicholas Gray arranged for all of the paperwork to be completed and in October 2011 the sum of £38,313.20 was transferred from Legal & General to our client’s SIPP with Rowanmoor.

The following day Rowanmoor transferred the sum of £31,294.57 to the Resort Group. Nicholas Gray’s company received commission direct from Rowanmoor of £650.

The client’s pension was now practically worthless as her investment in Cape Verde could not be sold.

The client was initially awarded an interim payment of £30,691.19 and we were able to obtain a further award on her behalf of £19,308.81.

Date of decision 29/10/2020.

 

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.

Date of decision – 14/10/2020

 

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.

Date of decision – 18/09/2020

 

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.

Date of decision – 27/07/2020

 

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.

Date of decision – 2/07/2020

 

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.

Date of decision – 19/06/2020

 

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.

Date of decision – 17/06/2020

 

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.

Date of decision – 23/04/2020

 

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.

Date of decision – 1/04/2020

 

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.

Date of decision – 24/02/2020

 

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.

Date of decision – 19/02/2020

 

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.

Date of decision – 30/01/2020

 

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.

Date of decision – 02/01/2020

 

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.

Date of decision – 18/12/2019

 

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.

Date of decision – 6/12/2019

 

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.

Date of decision – 30/10/2019

 

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.

Date of decision – 28/10/2019

 

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.

Date of decision – 9/08/2019

 

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.

Date of decision – 12/07/2019