Pointon York Ltd
Pointon York Ltd was a SIPP provider with close links to financial advisory firms Bank House Investment Management, Financial Page and Henderson Carter Associates. All companies that have now been declared as being in default by the Financial Services Compensation Scheme (FSCS) following numerous claims made for faulty or fraudulent pension advice.
Unquestioningly accepting unregulated assets
The firms all followed a similar business model – potential customers were targeted with cold calls from introducers offering free pension reviews.
The pension holders who were lured in and accepted their services were let down on two fronts. Firstly, by IFAs giving reckless advice to transfer safe, well-performing liquid pensions into high charging Self-Invested Personal Pensions (SIPPs) and then subsequently into illiquid, high-risk unregulated assets (UCIS) with hefty fees.
Secondly, by Pointon York failing to perform due diligence checks on the proposed unregulated assets the SIPPs would hold – if they had any concerns, these were not shared with their customers. They administered over 7,000 SIPPs and accepted a number of high risk funds such as Green Oil Plantations and Carbon Credits.
In November 2014, a deal was struck that saw Curtis Banks take on the administration of the full Pointon York SIPP range. Following this, Pointon York entered voluntary liquidation in November 2018, the same month the FSCS confirmed they would be accepting claims against the business.
Upheld claims for compensation
The FSCS have previously upheld a number of claims against defaulted firms and the use of Pointon York and unregulated assets. Unsurprisingly, they are now experiencing a significant volume of claims levelled directly at the firm due to their failure in due diligence.
If you were persuaded to move your pension into a Pointin York SIPP and lost money through high-risk investment schemes you may be entitled to compensation. The team at Beat the Banks can assess your situation and give you clear guidance on the next steps to take if you do have a viable claim. Call us on 0800 193 1234 for a no-obligation consultation to see what we can do for you.