Heritage Pensions Limited has been declared in default by the FSCS after one of the submitted claims against it was assessed as eligible for compensation. This formal declaration means the scheme can now pay compensation to customers with valid claims, up to a maximum of £85,000.
The Collapse of Heritage Pensions
Heritage Pensions was placed into liquidation on 17 March 2022. The firm had accumulated a significant number of Financial Ombudsman Service awards it was unable to meet, reportedly in the region of £600,000. That inability to pay those awards ultimately led to its end.
The TailorMade Investments Connection
What makes this case particularly clear-cut is what the FSCS investigation found. Every one of the 129 claims currently submitted against Heritage Pensions relates to a client who was introduced to the firm by TailorMade Investments. Those claims have now been moved to FSCS assessment teams for individual review. Claims from clients not introduced through TailorMade Investments remain on hold while the wider investigation continues.
TailorMade Investments was an operator that facilitated pension transfers into SIPPs, which then held high-risk and often illiquid investments. The combination of Heritage Pensions accepting those clients without adequate scrutiny, and the nature of the investments involved, left many people with severely diminished retirement pots. If you believe you were affected by a mis-sold pension arrangement, you may have grounds for a claim.
You Are Not at Fault
If you were introduced to Heritage Pensions by TailorMade Investments, or if you held a Heritage Pensions SIPP and made investments you now believe were entirely unsuitable, please understand that what happened was not your fault. You were placed into an arrangement by people who had regulatory obligations to you, and those obligations were not fulfilled.
Many clients in this situation feel embarrassed or hesitant to come forward. There is no need. The shame in this story belongs to the firms involved, not to their clients.
Get Help With Your Claim
If you had dealings with Heritage Pensions Limited and are worried about your money, please book a free consultation with our team. You may feel embarrassed about what has happened, but you should not. You were let down by people who had a professional and legal duty to act in your best interest. We will carry out all the investigative work on your behalf, at no cost to you. If your claim is not successful, you will not pay a penny. Call us during office hours or email hello@claimmyloss.co.uk , we are here for you.
