Elysian Fuels: The latest case of mis-sold SIPPs
A renewable energy project that saw up to £180 million invested through SIPPs has had its share price cut to zero.
Elysian Fuels, a scheme set up by Future Capital Partners, promised huge returns on investments, but a drop in oil prices has seen returns come to nothing. Future Capital Partners have also been involved in a number of film investments, and are presently under scrutiny over whether these ventures were technically methods of tax evasion.
Elysian Fuels LLP has recently made headlines due to the involvement in the energy project of several high-profile names, including the former snooker world champion Stephen Hendry. Also involved are former Liverpool football club manager Rafael Benitez and ex-Chelsea goalkeeper Carlo Cudicini. Interestingly, Future Capital Partners, the investment firm behind Elysian Fuels, have previously been involved in a film-investment tax avoidance scheme, of which former managers Alex Ferguson and Sven-Göran Eriksson were named investors.
Although many household names have lost out on investments, many more working people have been caught up in the Elysian Fuels debacle, having been given professional advice to invest their SIPP, without being fully-advised of the risks involved.
The story of Elysian Fuels LLP is the latest in a long line of mis-sold SIPPs. Back in August 2015, we reported on the case of Harlequin Properties, an unregulated property business who accepted and lost millions of pounds of investors’ money – the majority of which came from SIPPs.
The Financial Conduct Authority (FCA) confirmed at the end of October that it was setting out to establish which advisors have been recommending high-risk investments to clients with money in a SIPP. A huge increase in complaints during 2015 appears to have triggered the FCA into action, and we would consider their stance to be a positive one for SIPP investors. Individual mistakes are understandable, but when an investor has relied on the decision of an industry professional and received poor advice – as would appear to be the case for many Elysian Fuels LLP investors – involvement from a higher regulator is very welcome.
“Sadly the Elysian Fuels LLP mis-selling case is one of many where hard working investors have been misfortunate to lose out financially. This is very upsetting for people but if the mis-sale was as a result of bad financial advice, there may be an opportunity to recover some of the money lost. TLW are specialists in this area and where ever possible, we are looking to assist people who find themselves in a difficult situation such as this..”
Peter McKenna, Partner
If you have invested in a SIPP pension and have lost out financially, TLW Solicitors are here to help on a no-win no-fee basis.
Fill in our enquiry form, email us at firstname.lastname@example.org or call us today.