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Claim Against Unregulated Introducers

Claim Against Unregulated Introducers

Unfortunately it’s the case that a huge number of completely unregulated introducers are responsible for the sale of hundreds of millions of pound of Unregulated Collective Investment Schemes (UCIS).

They targeted pension holders in a number of ways – directly via call centres here or abroad (such as Terry Wright in Spain), or introductions from mortgage brokers, other finance industry professionals – even solicitors and accountants.

Then there was their websites – slick to the untrained eye and typically with a landing page to which London’s Canary Wharf was the background. All promoting gilt edged opportunities with tantalising returns – sadly what they didn’t make clear was that neither they nor the products they promoted fell under FCA regulation.

Unfortunately, if you like many, were persuaded to directly invest in any of these schemes in cash, then it’s highly likely you have little or no recourse to compensation.

However potentiality, it’s not quite so bad news if your investment was made from a personal pension and especially so if the ceding scheme was a defined benefit workplace pension (DB Scheme) and made via a SIPP or SSAS.

The key to being able to claim is to identify what if any FCA regulated individual or firm was involved in the process and whether there was a failure to provide fully compliant advice or to apply an appropriate level of due diligence. Claims can potentially be pursued against a number of parties including –

  • Ceding schemes – where your pension fund was held prior to transfer in to a SIPP or SSAS.
  • The regulated firm or individual that recommended the investment and the SIPP or SSAS as the pension holding vehicle.
  • The SIPP or SSAS provider for failing to apply an appropriate level of due diligence in relation to the suitability of either product for the pension holders – followed by a similar potential failure when accepting the subsequent investment into the UCIS.
  • Third parties of which frequently pension holders may have no prior knowledge of their involvement until such time as the claims information gathering process is complete – for example in the case of Douglas Baillie and the Pension Specialist who were involved in signing off thousands of pension transfers for the likes of Sipp-Able, MAP GPI and Fast Pensions, but to name a few. In effect they acted as “hired guns,” in signing off pension transfers. Often ±sweeping up substantial “kick-backs” from the huge commissions generated by the sellers.

It’s only after piecing the parts of Information gathering process together that the true picture of the advice process becomes clear and who claims can be submitted against – often it may even be more than one regulated party.

If you have been advised to move any pension into a SIPP or SSAS and your investment has lost money, become completely illiquid, failed to pay interest returns as promised or repay on maturity then Beat the Banks are here to help – to find about how we can help you simply call 01382 200474, email or complete our website enquiry form.

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