Are you the victim of a mis-sold SIPP?
If you have lost money as a result of transferring your pension to a SIPP, are not seeing the returns you were promised or you feel you were given bad advice then it’s possible you have been the victim of a mis-sold SIPP.
If this is the case then you may be entitled to compensation and our team at Beat the Banks are ready to help you claim it.
What is a SIPP?
Self Invested Personal Pensions (SIPPs) were introduced by the UK government in 1989 to allow pension holders to make their own decisions about where to invest all or part of their pension pots. Investors have the freedom to put their pension funds into a wide range of investments including property and Unregulated Collective Investment Schemes (UCIS) and, if successful, can gain much greater returns than from a standard pension scheme.
Specifically designed for seasoned investors with considerable funds and typically with a higher capacity for loss, SIPPs are certainly not an advisable option for unsophisticated investors. Their profitability depends on the success of the investments made and this is why they are generally unsuitable for the majority of standard pension holders.
Whilst investing via a SIPP may provide significant opportunities for some individuals, it’s a fact that sadly they have become the vehicle of choice for predatory advisors and schemes that have exploited innocent individuals looking to make the most out of their pension pot.
How have SIPPs been mis-sold?
While originally intended for experienced investors who are confident managing their own investment portfolios, SIPPs have been widely mis-sold to people with little investment knowledge or experience.
Motivated by high commissions, unscrupulous (and often unqualified) brokers and introducers lured unsuspecting consumers in with slick sales pitches, glossy marketing and promises of high returns. Unfortunately, many of these schemes promised a great deal but returned very little.
Find out more about how SIPPs have been mis-sold.
I’ve got a claim to make, what next?
At Beat the Banks we believe victims of mis-sold SIPPs deserve justice and we are committed to helping them get it. If you would like us to fight your case on your behalf, contact one of our expert advisors on 0800 193 1234 to talk through the details of your situation. We are confident of achieving a positive result in the vast majority of cases.
Find out more about the SIPPs claims process