Did you take pension advice from Sipp-Able?
Sipp-Able was set up in 2010 by a high-powered team of financial advisors and business developers operating in Scotland and the South West of England. They quickly became recognised as one of the UK’s leading companies offering alternative investment choices through what they called “a small network of like-minded business people.”
Although only in operation for four years, they succeeded in persuading hundreds of pension holders to trade the security of their standard pensions for high-risk, unstable investment schemes, making themselves a tidy profit in commissions in the process. If lost out as a result of pension advice given by Sipp-Able, you may be entitled to compensation.
A UK-wide network of agents
The Sipp-Able network consisted of agents working throughout the UK. In recruitment materials obtained by Beat the Banks, these agents were promised a “partnership” to increase their product range and, of course, their earning potential. They were also guaranteed “a generous commission structure with no “clawback”.”
In reality, however, these agents were recruited to do Sipp-Able’s dirty work for them. They were encouraged to target people who had become “disillusioned” with their current pension arrangements, promising them a rapid but cautious process for starting their own Self Invested Personal Pension (SIPP).
This was in direct opposition to the FCA’s repeated warnings that SIPPs were unsuitable for the vast majority of pension holders, and that most would be better off sticking with their current arrangements.
Despite Sipp-Able’s assurances that their product range and process were first class, many of their clients lost huge sums of money through unregulated investment schemes. These included hotel developments like Freedom Bay and projects run by The Resort Group and Harlequin Property. They also pushed a number of forestry and green energy investment schemes.
Do you have a claim against Sipp-Able?
The company was a large operation, with many sub-agents working in various locations throughout the UK and as far afield as Spain. If you took pension advice from any of the following individuals, you may be able to claim for compensation:
- Phil Reis – Group Managing Director
- John Maltwood – Managing Director
- Paul Williams – Business Development Manager
- Kim Milton – Business Development Manager
- Vanessa Williams – Sipp-Able off-shoot in Spain
Fergus Burns, formerly trading as The Financial Planning Partnership was just one of a number of IFAs all over the U.K. that Sipp-Able referred pension transfer advice to.
In 2018 the Financial Ombudsman Service (FOS) upheld a complaint against Fergus Burns for recommending inappropriate pension investments to a client, with Sipp-Able acting as an unregulated introducer and passing business to Burns. Subsequently, in June 2018 Burns was declared as being on default by the Financial Services Compensation Scheme (FSCS). Full details of the complaint against Burns are available on the FOS website.
We believe there are many more cases like this against Sipp-Able and their agents, where individuals who have lost money as a result of bad advice may now be able to seek the justice they deserve.
If you think you may have a claim to make against Sipp-Able or their associates, the team at Beat the Banks are ready to help you. Call us on 01382 200474 to discuss your case with one of our expert advisors.