Self-Invested Personal Pension (SIPP) provider Guinness Mahon Trust Corporation Limited (GMTC) entered into administration following complaints that they had failed to carry out sufficient due diligence with their investments, many of which were non-standard and high-risk causing their customers to lose out.
Despite GMTC’s failure, concerned investors may still be able to recover compensation for their losses. Where an investment provider goes out of business and is found to be in default, compensation claims up to the value of £85,000 can still be made through the FSCS.
It has been recently reported in the financial industry publication, FT Adviser, that so far, the FSCS has paid out £22.5 million on over 700 GMTC claims, with another 250 or so claims still to be decided. It is believed that there were around 4000 Guinness Mahon SIPPs in total at the time the firm failed.
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.
Were you or a loved one advised to transfer your pension into a Guinness Mahon SIPP and have lost out? If so, please get in touch with TLW Solicitors by calling 0800 169 5925, email or complete our call back form to see if you are owed compensation.
Time limits apply, so anyone wishing to bring a claim should do so without delay.
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