Sipp provider Heritage Pensions entered liquidation on 17th March after its directors became insolvent. Four upheld complaints were published by the FOS each determined Heritage should have to pay the maximum fair compensation award of £150, 000.
All complaints centred on the due diligence Heritage conducted on financial advisers it accepted business from, before allowing customers to then open a SIPP.
The clients were all introduced to Heritage by now-dissolved IFA Tailormade Independent Limited, which proposed the clients invest in various high-risk investments via the SIPP.
These included Harlequin Properties, a failed property development scheme, and, in some of the cases, Green Oil Plantations, a now-dissolved investment in carbon credits.
The FOS concluded that the investments being made via Heritage’s SIPP were high-risk and not suitable for most clients, and Heritage should have refused to accept the introductions from Tailormade Independent.
In 2013, the FCA restricted Tailormade Independent’s permissions and it was dissolved in 2016.
The Financial Services Compensation Scheme (FSCS) is now accepting claims against Heritage Pensions. On its website, the FSCS says customers who were recommended to transfer their pensions to a Heritage SIPP should submit a claim against their adviser if it is no longer trading.
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If you think you’re the victim of a company, work or traditional pension transfer that has lost value or if your SIPP is not performing as you were told it should be, then please get in touch with our specialist mis-sold SIPP lawyers to see if we can claim compensation for you. Our initial advice is always free and we offer ‘no win, no fee’ agreements for peace of mind.
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