More than £58 million. That is what the FSCS has paid out to former clients of Berkeley Burke SIPP Administration Ltd, across more than 1,795 upheld claims. These are not abstract figures. Behind each of those claims is a person who trusted a regulated firm with their pension and was let down in a way that cost them a significant part of their retirement.
What Went Wrong at Berkeley Burke?
Berkeley Burke SIPP Administration Ltd entered administration in 2019, after it became clear the firm could not afford to meet the volume of compensation awards being made against it. The reason those awards were being made is straightforward: Berkeley Burke consistently accepted investments into its SIPP portfolios without properly checking whether those investments were appropriate. Whether it was the nature of the investment, the risk involved, or the suitability for a pension, the firm failed to carry out the checks it was legally required to perform.
The FSCS Determination
In April 2020, the FSCS formally determined that Berkeley Burke had failed in its due diligence obligations. That finding opened the door to the mass compensation process that has since paid out over £58 million. The FSCS opened to claims as early as September 2019, meaning this case has been in progress for several years.
Adviser Claims May Also Apply
The FSCS has also noted, in its updates on this case, that in many Berkeley Burke claims, FCA regulated financial advisers were the ones who directed clients towards the firm. This is significant: it means some clients may have grounds for separate financial adviser claims against the adviser who recommended Berkeley Burke, in addition to their FSCS claim against the firm itself.
If you held a Berkeley Burke SIPP and made investments that have since lost their value or become inaccessible, and you have not yet received compensation, please do not assume the window has closed. The case remains active, and SIPP claims continue to be processed.
We also know that many Berkeley Burke clients spent a long time believing they had made a bad investment decision. In the vast majority of cases, that is not what happened. They made a decision based on advice or a recommendation from someone they had every reason to trust. The failure was institutional, not personal.
Get Help With Your Claim
If you had dealings with Berkeley Burke SIPP Administration Ltd 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.
