Stadia Trustees Limited
History looks to be repeating itself with reports of unscrupulous SIPP providers regularly hitting the headlines, mimicking the pension mis-selling scandal of the late 1980s and early 1990s. This includes the now-defunct SIPP operator Stadia Trustees Limited, run by Tony Hales.
If you received pension transfer advice from Tony Hales or transferred your pension into a SIPP with Stadia Trustees Limited, you may be entitled to compensation as a result of his firm’s widespread bad practices.
A trail of false promises
In an interview given in August 2011, Tony Hales the outspoken former director of the now-defunct SIPP operator Stadia Trustees Limited announced that “even to an unsophisticated investor, it appears to make sense to be in commodities.”
He acknowledged that mainstream investor providers were keen to get in on the action, but with increasing numbers of Unregulated Collective Investment Schemes (UCIS), the competition for investor funds was becoming fierce.
He went on to add that he was confident his firm, Stadia Trustees, had the necessary systems and controls in place to ensure clients investing in UCIS had access to an IFA and were completely aware of the level of risk involved. He was keen to stress that Stadia Trustees was actively undertaking due diligence and physically visiting unregulated investments to check their legitimacy.
Earlier in 2011, the FSA had been growing concerned about the risks surrounding UCIS so asked small SIPP providers like Stadia Trustees Limited to complete a questionnaire covering their legal structures and capital adequacy provisions. Subsequently, the FSA announced plans to visit eight small SIPP providers, including Stadia Trustees Limited.
In January 2013 the FSA issued another warning over the sale of UCIS and confirmed that it was investigating a number of SIPP. Just one month later Stadia Trustees announced it would no longer accept new business while it underwent a structural change. Hales was quick to add this was a voluntary and short term move.
Unfortunately, the writing was on the wall and in January 2018, the Financial Services Compensation Scheme (FSCS) declared Stadia Trustees to be in default, along with Brooklands Trustees and Montpelier Pension Administration Services Limited. This meant they were judged by the FSCS to no longer have the financial capacity to meet the volume of claims being made against them.
Tony Hales’ promises of due diligence were clearly false. These failed SIPP providers were found to have established, operated and administered SIPPs that allowed consumers to transfer their pension funds into non-standard, high-risk investments such as storage pods, oil fields, diamonds and overseas property.
Do you have a claim?
If you transferred your pension into a SIPP with Stadia Trustees Limited, the team at Beat the Banks are here to help you. Depending on the circumstances of your case, you may even be able to submit more than one claim.
Complete an enquiry form or 01382 200474 to discuss your case with our expert team and find out how we can help you fight for the justice you deserve.