As previously reported, Self-Invested Personal Pension (SIPP) provider, Liberty SIPP, also trading as Liberty Pensions, entered into administration in April 2020. Regulated by City watchdog, the Financial Conduct Authority (FCA), Liberty SIPP faced a growing number of Financial Ombudsman Service (FOS) investigations and findings against it following complaints relating to high-risk, non-standard investments.
“We’re aware that FCA-authorised independent financial advisers recommended many Liberty SIPP customers transfer their existing pensions into a Liberty SIPP… After the transfer, many customers had their pension funds placed in high-risk, non-standard investments. Some of these have since become illiquid, which means they can’t currently be sold or traded”.
The FSCS declaration of “default” has triggered FSCS payouts for successful claims relating to Liberty SIPP’s failure to carry out relevant checks on their investments and in relation to what information their clients were given. FT Adviser reports that the FSCS has already paid out over £5.8 million in compensation.
Working on a ‘no win – no fee’ basis, TLW’s experienced team can help you through the FSCS compensation process. Our clients are reassured by our knowledge and experience of FSCS procedures and, indeed, we have had FSCS claims successfully upheld for clients whose claims had previously been refused on purely technical grounds. Find out more about FSCS claims here.
If you are concerned about your, a friend, or a loved one’s investment in Liberty SIPP Limited, please get in touch with TLW Solicitors today by calling 0800 169 5925, email or complete our call back form.
Time limits can apply and so anyone wishing to bring a claim should do so without delay.
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