Unable to pay its investors compensation, failed SIPP provider, Berkeley Burke went into administration in 2019 and the FSCS has stepped in to help investors.
Complaints to the FOS began in 2017 and centred around whether or not Berkeley Burke Sipp Administration carried out enough due diligence on certain SIPP investment products sold between 2010 and 2012; some investors had been persuaded to invest in high-risk, unsuitable funds, through unregulated introducers, and lost large sums of money as a result.
Following its investigations, FOS said this wasn’t good enough and Berkeley Burke should have taken more care to ensure the investments within their SIPP were suitable. The High Court agreed with the FOS decision, opening the door to more claims against other SIPP providers who had made similar mistakes.
The FSCS is an independent, Government-backed scheme and exists to protect customers when financial firms fail. If the firm can’t pay your claim, the FSCS can step in and pay up to £85,000 in compensation. The FSCS took on claims against Berkeley Burke after the firm went into administration. To date, they have received 2155 claims, of which 1795 have been upheld, 309 have been rejected and 51 are still in progress.
A Self-Invested Personal Pension, or SIPP, is a ‘do it yourself’ pension, which allows you to invest in a wider variety of funds than a traditional pension, offering investors more flexibility. They aren’t without risk, however, and the importance of having sound financial advice can’t be emphasised enough. Unfortunately, some financial advisers have encouraged investors to transfer money into high-risk, even unregulated, funds, without proper consideration of the investor’s needs and objectives, as well as failing to fully explain the potential risks.
We can advise on and help you make a pension mis-selling claim if you have invested in high-risk schemes such as off-plan property, store pods or carbon credits. You may not have received proper Self-Invested Personal Pension(SIPP) advice or you may have been advised to transfer out of your existing defined benefit, company or final salary pension into a lesser scheme.
If the investment provider or financial adviser you invested with has since gone out of business, it is possible to take your claim to the Financial Services Compensation Scheme (FSCS). FSCS claims are often complex, technically challenging, and time-consuming, but we can ensure that your claim is processed as quickly as possible and get you the best result achievable.
If you, a friend or a relative have lost out financially after investing via a SIPP, then please get in touch with one of the specialist mis-selling lawyers at TLW Solicitors for a free, no-obligation discussion. We can explore the various options open to you and consider whether we can take the case on a ‘no win, no fee’ basis.
Call us on 0800 169 5925, email firstname.lastname@example.org or complete one of the forms below.
Strict time limits can apply, so please do not delay.
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