Westbury Private Clients LLP was a wealth management firm that operated as a discretionary fund manager (DFM) for the Westbury Self-Invested Personal Pension (SIPP). Their narrative took a distressing turn when the Financial Services Compensation Scheme (FSCS) shed light on a concerning lack of due diligence in the realm of SIPP transfers and investments.
The FSCS1, which has been responding to a cascade of grievances, disclosed that Westbury had become the subject of 16 claims, with a notable emphasis on 10 cases directly linked to SIPPs, three for investment advice and three for pensions advice.
Customer claims highlighted that the firm did not conduct thorough due diligence when orchestrating the transfer and investment processes within the Westbury SIPP.
They questioned the suitability of Westbury SIPP as an investment vehicle due to the high-risk nature of the investments, which led to investors losing money.
In May 2022, the FSCS declared Westbury in default and opened the way for those affected to claim compensation. This proclamation opens the gateway for affected customers to pursue claims for compensation, marking a crucial juncture in the ongoing saga surrounding Westbury’s financial turbulence.
Time Line of Westbury’s Rise and Fall
To understand the Westbury SIPP claim, let’s take a walk through its history. We’ll look at important moments, giving you a timeline of how Westbury evolved and the problems that cropped up along the way.
Founded as a wealth management arm of MSS Capital
Bought out of Partnership
Westbury becomes authorised in its own right by the FCA on July 1, 2013.
Launched as a SIPP
The Westbury SIPP was launched in 2014 and SIPP provider Gaudi Regulated Services provided administration services.
The Advent of Issues
Problems began to emerge within Westbury.
Company enters Liquidation
According to Companies House, the company has been in liquidation since March 28, 2018.
The Financial Services Compensation Scheme (FSCS) declared Westbury to be in default on the 6th of May 2022
On March 10 2023, FSCS released a statement that Westbury remains in an ongoing investigation. 2
Are you due for compensation?
Have you been a victim of bad financial advice? Have you invested in a Self Invested Personal Pension (SIPP) scheme and lost a significant amount of money due to the mis-selling of unregulated products? If you have, it’s essential to understand the SIPP claim process so you can receive the compensation you’re entitled to.
The advisor failed to consider your personal circumstances.
The advisor did not inform you how your money would be invested.
You were encouraged by the advisor to purchase a high-risk investment that was not in your financial interest.
How to claim compensation
If you believe you are the victim of mis-sold SIPP, there are steps you can take now to reclaim your money.
Check Financial Advisor Regulation: If your financial advisor is still in operation and regulated, you can directly file a compensation claim with them.
In Cases of Advisor Closure (Post-April 2019):
If the advisor is closed, approach FSCS for compensation
Document Preparation: Gather the necessary paperwork for a strong claim.
Financial Ombudsman Option:
If there is no response, involve the Financial Ombudsman within eight weeks.
Be mindful of the six-year limitation from the date of bad advice.
For a more detailed overview of how to claim for compensation, you can review the SIPP claims process here on our website.
It can be difficult to navigate the SIPP claim process alone. Working with a team of experts can help you understand your rights, navigate the process more easily, and increase your chances of success.
Why work with Pension Justice?
Pursuing a claim yourself is complicated and time-consuming and if you don’t present the arguments properly, you may not get your claim upheld.
Here at Pension Justice, our mission is to help you. We’ll investigate your case, fight in your corner, and do everything we can to obtain compensation for the financial losses incurred. We deal with both the FSCS and FOS (Financial Ombudsman) on a daily basis on your behalf.
For all claims, we operate a No Win, No Fee service with no fees or charges unless your claim is successful, which protects your financial interests and gives you peace of mind that you will not suffer any further unnecessary financial charges.
We have already recovered millions of pounds in compensation for people like you, so don’t hesitate to contact us today.