Mendelsons solicitors specialise in acting for clients who have been mis-sold pension investments and lost all their money. Most of the clients we act for have been cold called and persuaded to move their pension from a safe investment into a high risk venture without the risks properly being explained.
Their pension money is moved into a SIPP which is a Self Invested Personal Pension and then ‘invested’ into a product that fails, making the investment worthless. The mis-selling arises because the investor was given unsuitable advice, the risks were not explained and the product was not right for the investor.
If you have mistakenly invested your pension into the Los Pandos – Heredad Development, under the impression that it would reap financial awards, only to be notified by your SIPP provider that the investment has collapsed, and your pension has lost the funds, Mendelsons Solicitors will take on your claim for the recovery of your investment.
A recent uptake in unregulated bodies cold-calling inexperienced investors and persuading them to transfer their pension to regulated SIPP providers, who, while claiming to act in their customers best interests , push the investment into companies like Los Pandos, which has led to hundreds of people losing their money.
Mendelsons Solicitors believe there are ways to recover these pension monies.
For the mis-selling to have taken place you would have moved your pension fund into a SIPP or QROPS and a regulated business such as an IFA (Independent Financial Adviser) or SIPP company would have been involved in the process.
Fortunately they are regulated by the FCA (Financial Conduct Authority) which obliges them to have professional indemnity insurance which will pay out in the event that the claim is successfully made.
Whilst many of the companies that sold SIPPs are no longer trading it is still possible to make a claim for compensation via the Financial Services Compensation Scheme up to a maximum limit of £50,000 .
DO I HAVE A CLAIM?
Mendelsons Solicitors have begun pursuing a number of these cases, and we are dedicated to not only taking action against these unregulated bodies, and recovering your lost pension monies, but also to setting a precedent, to protect others in the future from suffering the same fate.
You sold an investment without having properly been advised as to the risks
Your personal circumstances or attitude to risk were not properly considered
You were advised to invest all or most of your pension savings into a single investment
You are advised to transfer the pension when it was not necessary
You now understand that your investment has significantly reduced in value or is worthless
You were sold in esoteric, high risk investment
HOW CAN WE DO THIS?
Recently, schemes such as Los Pandos have been deemed by the Supreme Court, and by the Financial Conduct Authority, to be ‘Unregulated Collective Investment Schemes’ (‘UCISs’). This means that your SIPP provider may be liable to you, for breach of their regulatory obligations, as a regulated financial body, for allowing such unsafe investments. Even if you believe that you erred in signing an agreement to exclude the liability of the SIPP provider on the merits of an investment, your claim may still have weight.
If any of the above do apply then you have been mis-sold an investment. Typical types of investments are set out below and we are currently acting for a large number of clients in prosecuting their claims.