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More complaints
It was recently reported that Rowanmoor has received over 250 complaints since April 2021. After taking advice about the liabilities on existing and future complaints, Rowanmoor’s directors had no option but to declare the company insolvent and place it in administration. Adam Stephens and Chris Allen of Evelyn Partners LLP have been appointed as joint administrators.
Over 1000 complaints are currently open with FOS against Rowanmoor. The Financial Services Compensation Scheme (FSCS) – the Government backed lifeboat scheme to compensate investors when regulated firms go bust – opened claims against Rowanmoor on 31st August 2022.
The FSCS added:
“We expect many complaints currently with the Ombudsman to come over to us now for consideration.”
Rowanmoor is one of the largest providers of Self Invested Personal Pensions (SIPPs) in the UK. We previously reported that the company was closed to new business and earlier this year, we shared the news that the Financial Ombudsman Service (FOS), a Government backed body that resolves disputes between financial businesses and their customers, had investigated a sample case against Rowanmoor, after a large number of similar complaints had been received.
Due diligence issues
The ‘sample case’ involved a complainant, Mr T, who transferred his occupational pension after being introduced to Rowanmoor by CIB Life and Pensions Ltd. Mr T subsequently lost his pension savings in an unregulated offshore property deal involving The Resort Group.
FOS found that Rowanmoor had failed to verify the integrity of the firm that introduced Mr T. They also criticised a general lack of due diligence towards Rowanmoor’s customers and, in Mr T’s case, ordered that he be compensated for his losses. This opened up the possibility of other investors making claims for compensation on similar grounds.
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What happens next for investors?
As the firm is still trading, Rowanmoor can continue to receive regular and ad hoc payments into existing client pensions and pension assets are held by a separate company, Rowanmoor Trustees Ltd.
The FSCS has already paid out following a number of claims associated with Rowanmoor, in relation to introducer firms, such as the one that contacted Mr T. It has been reported that the FSCS has received nearly 3,000 claims involving pension products from Rowanmoor.
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TLW Solicitors’ view
“The Rowanmoor situation is still developing, but we anticipate there will be a significant number of investors affected by this latest news. Unsuitable financial advice could mean they have lost out financially.
We can review each individual case and discuss different options and guide you through the claims process, as necessary. TLW Solicitors’ Financial Mis-selling team has helped many investors claim back money after being mis-sold a pension or investment.
Even if you have made a complaint to your SIPP provider and it’s been rejected, or FOS has previously rejected your complaint, or your SIPP was opened more than 6 years ago, please get in touch as we may still be able to help.”
Get in touch
Working on a ‘no win – no fee’ basis, TLW’s experienced financial mis-selling lawyers can help you through the compensation process. The team are experienced in all aspects of making complaints to the FOS, making a claim with the FSCS, and where necessary, Court proceedings.
If you are concerned about your, a friend or loved one’s investment with Rowanmoor, The Resort Group, or associated introducer firms, please get in touch with TLW Solicitors today.
