Guardian SIPP - GPC
After years of questionable activity, GPC SIPP Ltd (GPC) went into administration in June 2019 and the Financial Services Compensation Scheme (FSCS) are now accepting claims against this firm. If you had a Self-Invested Personal Pension (SIPP) with GPC it’s possible you may be entitled to compensation.
Failure to carry out checks
GPC was a Self-Invested Personal Pension (SIPP) operator based in Blackburn. It has come to light that between 2009 and 2012 the firm accepted high-risk, non-standard investments into its SIPP portfolio without carrying out adequate background checks, thus putting their customers’ money at significant risk.
Many of GPC’s customers were referred by independent financial advisers (IFAs) who had incorrectly advised them that their workplace or occupational pensions were not performing adequately. They were led to believe they would be better off transferring their pensions into a SIPP operated by GPC – advice that sadly turned out to be wrong for so many. The IFAs earnt a tidy commission for referring business, despite their sometimes highly questionable guidance.
Once pensions had been transferred to GPC’s SIPP, the funds were then placed into high-risk, non-standard investments, including:
Successful FSCS claims
Successful claims to the FSCS against GPC have centred around their failure to carry out due diligence. Firms are expected to carry out certain checks on the non-standard investments they plan to place their customers’ money into before adding them to their SIPP portfolio. This includes ensuring the investment is suitable for a SIPP and identifying any potential issues or red flags. If any issues are identified, they have an obligation to inform their customers. Unfortunately for GPC’s customers, it appears the firm neglected to do this.
If you transferred your pension into a GPC operated SIPP and subsequently had your pension funds placed into high-risk investments like the ones listed above, it’s possible you may be entitled to compensation.
The team at Beat the Banks are highly experienced claims specialists and can investigate your case to establish if you can make a claim. They’ll also support you in making your claim, giving you the best possible chance of securing the justice you deserve. Call us on 0800 193 1234 to see what we can do for you.